France’s Bpifrance to invest $27m in emerging crypto tokens: report

The French State Investment Bank, Bpifrance, announced its intention to allocate up to 25 million euros ($ 27 million) for the acquisition of less known cryptocurrencies.

These purchases will be made to strengthen cryptographic companies in the country, according to in Reuters.

Historically, Bpifrance has invested 150 million euros in companies related to blockchain, including modest investments in cryptocurrencies.

However, this marks the first initiative of the bank to establish a dedicated fund for direct purchases in cryptography.

French cryptography projects

The bank will focus on the acquisition of tokens newly issued from French crypto projects before being listed on major exchanges, according to Arnaud Caudoux, assistant CEO of Bpifrance.

Caudoux stressed the importance of this initiative, especially since the United States accelerated its own cryptographic strategy. He noted that the entry of Bpifrance into the cryptographic space began before the recent change of American policy.

He also suggested that Bpifrance could help secure tokens projects from the exchange lists, which gives them a stronger foot on the world market.

The resurgence of interest in cryptocurrencies has been notable since the electoral victory of American president Donald Trump in November. Trump expressed his support for the industry, continued political reforms and even introduced his own cryptographic products.

On the other hand, European finance ministers have feared that the growing adoption of cryptocurrencies by the United States would threaten monetary sovereignty and financial stability in the euro zone.

Caudoux pointed out that current American policies draw cryptographic companies abroad. He stressed the importance of preserving talents and European engineering companies, declaring that a strong national ecosystem is “crucial for the future”, according to Reuters.