Bpifrance, the state-owned investment bank of France, is reportedly planning to invest up to 25 million euros ($26.95 million) in cryptocurrencies. In a significant step toward crypto adoption, the bank is taking a unique approach by focusing on lesser-known digital tokens rather than the more mainstream cryptocurrencies. This initiative is part of Bpifrance’s strategy to support the country’s growing crypto infrastructure.
While Bpifrance has previously invested 150 million euros in blockchain-related projects, including cryptocurrency investments, this is the first time the bank has developed a dedicated fund plan aimed specifically at purchasing digital assets.
Focusing on Smaller Tokens
The fund will primarily target smaller and newly-created tokens issued by French projects before they are officially listed on cryptocurrency exchanges. According to Arnaud Caudoux, a key figure in the project, this approach could also assist these token projects in getting listed on exchanges, giving them an important boost in their early stages.
Bpifrance’s Vision for Crypto in Europe
Despite concerns about the potential impact of the U.S.’s embrace of cryptocurrencies on the eurozone’s monetary authority and financial stability, Bpifrance has shown a keen interest in this new financial frontier. Caudoux noted that Europe is home to some of the world’s most talented engineers and innovative companies, including those in the UK, and emphasized the importance of keeping these companies within Europe’s ecosystem.
“We want to keep those companies here because we strongly believe that it is very important in the future to have our own ecosystem,” Caudoux explained.
A Key Player in France’s Financial Landscape
Bpifrance is a financial institution jointly owned by the French state and the country’s public lender, CDC. It serves as a crucial tool in implementing French public policy and is widely utilized within the nation. With this latest move into the cryptocurrency space, Bpifrance is positioning itself as a key player in Europe’s evolving digital asset landscape.
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