France’s $27M crypto bet made some noise in the industry

France has just thrown its hat into the crypto ring, big time. Bpifrance , the country’s state-backed investment bank, is launching a €25 million, or roughly $27 million fund to scoop up emerging cryptocurrencies. The keyword here is the ’emerging’.

Crypto investment fund without Bitcoin?

Don’t expect Bitcoin or Ethereum to be on their shopping list. Nope, this fund is all about supporting smaller, homegrown blockchain projects with that oh-so-French flair.

Bpifrance isn’t new to the blockchain game, it’s already poured €150 million into the sector over the past decade.

But this is the first time they’re creating a fund solely dedicated to buying crypto tokens directly.

The goal? To give promising French blockchain startups a financial boost before their tokens hit major exchanges. Think of it as a head start in the global crypto race.

Competition

Arnaud Caudoux, Deputy CEO of Bpifrance, didn’t mince words about why this matters.

With the U.S. ramping up its own crypto strategy, France needs to keep pace, or risk falling behind.

This fund is designed to keep French innovation competitive and ensure local projects don’t get overshadowed by their overseas counterparts.

Caudoux even hinted that Bpifrance could help these projects secure exchange listings, making them more accessible to investors worldwide.

But let’s not ignore the elephant in the room, because €25 million isn’t exactly a jaw-dropping sum in the $2.9 trillion global crypto market.

It’s like bringing a baguette to a buffet, nice gesture, but will it really make an impact?

Still, Bpifrance insists this initiative sends a strong message about their ambition to make France a leader in blockchain technology. Either way, it’s the first state-level domestic crypto-incubator program.

Money talks

Clara Chappaz, France’s Minister Delegate for AI and Digital Affairs, chimed in with her own dose of optimism, and she called public and private financing important for positioning France as a heavyweight in emerging technologies.

Translation? If everyone chips in, government, investors, startups, France might just carve out its slice of the crypto pie.

If you’ve been rooting for France to step up its blockchain game, this could be a turning point.

The fund will focus on areas like decentralized finance, tokenization, staking, artificial intelligence, basically all the buzzwords that make crypto nerds salivate. Well done!

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