France's state-owned investment bank Bpifrance has announced plans to allocate up to €25 million to lesser-known cryptocurrencies to support the country's growing blockchain sector.
Bpifrance has previously invested €150 million in blockchain-related startups, including limited investments in cryptocurrencies. But this new initiative is the first dedicated fund to directly purchase cryptocurrencies. Unlike traditional investments in large digital assets like Bitcoin, the bank will focus on buying smaller, newly created tokens issued by French projects before they are listed on crypto exchanges.
“The US is really accelerating its own crypto strategy, so this is even more important,” said Arnaud Caudoux, Deputy CEO of Bpifrance, noting that the bank’s foray into crypto began before the recent pro-crypto shift in US policies.
Caudoux also noted that Bpifrance could play a role in helping these token projects get listed on major exchanges. The initiative has also received support from government officials. “Bpifrance’s initiative is a strong sign of our determination to make France a country of excellence for these technologies,” said Clara Chappaz, France’s Minister Delegate for Artificial Intelligence and Digital Affairs, welcoming the move. *Not an investment recommendation.
*This is not investment advice.
