Source: Cointelegraph Original: "{title}"
This French state-owned bank announced it will invest €25 million (approximately $27 million) in cryptocurrency to support local crypto and blockchain projects.
Bpifrance stated in a press release on March 27 that it will support newly established projects with a "strong French character," with investment returns to be received in the form of tokens, and will seek to fund decentralized finance (DeFi), staking, tokenization, and artificial intelligence sectors.
The bank added that this initiative has the support of the French Ministry of Economy and Finance, aiming to "promote emerging technologies and strengthen the French blockchain ecosystem."
It noted that the global blockchain ecosystem is "currently thriving," but the number of participating French funds remains very limited.
French Minister for Digital and Artificial Intelligence Clara Chappaz stated that public and private financing is "one of the keys to our ecosystem's sustainable positioning on the international stage."
Bpifrance's Deputy CEO Arnaud Caudoux expressed confidence that blockchain companies "will become increasingly important in the coming years and hopes to enhance France's competitiveness and presence in the digital asset space."
According to Reuters, Caudoux mentioned at the press conference, "The U.S. is really accelerating its own crypto strategy, so this is even more important." He added that Bpifrance had already begun supporting the crypto industry before the U.S. initiated its pro-crypto measures.
Bpifrance's headquarters in Paris. Source: Google
The bank stated that it has supported the blockchain industry for ten years, investing over €150 million ($162 million), particularly funding the crypto hardware wallet company Ledger in 2014.
Bpifrance mentioned that it began testing limited investments through tokens starting in 2022, including a deal with the DeFi lending platform Morpho and purchasing its tokens—according to DefiLlama, this platform has grown to become the 12th largest protocol with a value of $3.24 billion.
Venture capitalists often participate in token-paid investments. PitchBook expects crypto venture capital deals to exceed $18 billion this year, significantly increasing from the $13.6 billion raised in 2024.
Typically, crypto platforms that launch tokens will allocate a portion of their supply to financiers, but subject to different lock-up periods during which the tokens cannot be sold.
A portion of the token supply is usually granted immediately to selected public users to increase liquidity, which, if they cash out, could lead to a decline in token value.
Related: The lawsuit against Pavel Durov and its significant implications for cryptocurrency.
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