What happened?
A French state-owned bank, Bpifrance, has launched a $27 million fund to invest in lesser-known cryptocurrencies. Rather than focusing on established digital assets like Bitcoin, the bank is targeting new tokens issued by French projects. This initiative is part of Bpifrance’s broader strategy to support local blockchain and crypto innovations.
Who does this affect?
This move primarily affects French crypto businesses and blockchain projects, as the fund aims to bolster local innovations. It could also impact developers and entrepreneurs working in decentralized finance (DeFi), tokenization, staking, and AI sectors within France. Moreover, it places France competitively in the global race for crypto supremacy against countries like the US.
Why does this matter?
The launch of this fund underscores France’s commitment to growing its position in the global cryptocurrency market. By investing in emerging French crypto projects, the fund could catalyze innovation and maintain competitiveness against other nations expanding their crypto portfolios. Additionally, it demonstrates a public policy shift towards embracing disruptive technologies within the EU and supporting local economies.