Bpifrance deputy CEO Arnaud Caudoux emphasized the importance of increasing French competitiveness in digital assets, especially as the US accelerates its crypto strategy. The bank began testing limited investments through tokens in 2022, including a deal with the DeFi lending platform Morpho. Venture capitalists often participate in token-based investments, with PitchBook predicting crypto VC deals to exceed $18 billion this year. The article highlights the growing importance of public and private financing in positioning the French blockchain ecosystem on the international stage.
Key takeaways:
- Bpifrance plans to invest 25 million euros ($27 million) in cryptocurrencies to support local crypto and blockchain projects with a strong French footprint.
- The initiative aims to promote emerging technologies and strengthen the French blockchain ecosystem, supported by the French Ministry of Economy and Finance.
- Bpifrance has been involved in the blockchain sector for a decade, investing over 150 million euros ($162 million), including financing the crypto hardware wallet company Ledger in 2014.
- The bank began testing limited investments through tokens in 2022, including a deal with the DeFi lending platform Morpho, which has grown significantly in value.