Quick take:
Bpifrance has now created a new fund that will specifically invest in cryptocurrencies directly, Reuters reported.
The bank said the new fund is being launched in a bid to support France’s crypto businesses.
The fund will target newly created tokens issued by French projects at the pre-listing stage.
Bpifrance has launched a €25 million (approximately $26.95 million) fund to invest in “little-known” cryptocurrencies. The State-owned bank said the new fund will invest in cryptocurrencies directly, following its previous bets on blockchain projects.
According to the announcement, Bpifrance previously spent over $150 billion in blockchain-related projects, assigning a limited amount to direct crypto investments.
The new fund will target newly created tokens issued by French projects at the pre-listing stage and is part of the bank’s strategy to support France’s crypto businesses, Reuters reported.
“Instead of purchasing large cryptocurrencies such as bitcoin, the fund will be targeted towards buying smaller newly-created tokens issued by French projects, before they are listed on crypto exchanges,” said Arnaud Caudoux, deputy CEO of BPifrance. The bank is trying to accelerate France’s crypto strategy amid the progress in the U.S., Caudoux pointed out, adding that Bpifrance could also help token projects get listed on exchanges.
Commenting on the announcement, Clara Chappaz, France’s Minister Delegate in charge of AI and Digital said, “Bpifrance’s initiative is a strong signal of our determination to make France a country of excellence for these technologies.”
Highlighting the threat created by the U.S. to the EU financial markets amid Trump’s recent steps to embrace crypto assets, Cauoux said crypto companies had already started to move to the U.S.
“We have great engineers and great companies in Europe, including in the UK obviously, and we want to keep those companies here because we strongly believe that it is very important in the future to have our own ecosystem,” Caudoux said.
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