The French state investment bank Bpifrance plans to invest 25 million euros in local crypto projects by purchasing their tokens.
Bpifrance noted that this is an "innovative initiative" among the sovereign funds of countries, which received support from the Ministry of Economy and Finance. The press release also emphasizes that the organization positions itself as a significant player in the blockchain space in France.
The bank announced its transition to a strategy of investing in crypto assets in 2022. In the pilot phase, it made financial injections into a number of startups, including Aleph.im and Morpho.
The mentioned tranche of 25 million euros foresees direct investments in projects across the following categories:
DeFi;
DePIN;
tokenization of real-world assets (RWA);
L1-L3 solutions;
staking and restaking;
digital identity verification;
AI.
Funds will be allocated from Bpifrance Digital Venture, Large Venture, and French Touch Capital. Projects must justify the innovative nature of their product and have a "strong French component."
"By accelerating the implementation of its strategy to invest in tokens, Bpifrance reaffirms its commitment and strengthens support for the development of French players in the digital assets economy operating within the European regulatory framework. We are convinced of the growing importance that these players will acquire in the coming years and want to enhance France's competitiveness and its presence in the digital assets space," said Bpifrance Deputy Managing Director Arnaud Coudou.
It is worth noting that earlier we highlighted the report of experts from Standard Chartered Bank. According to it, the level of participation of sovereign funds in the cryptocurrency sector will gradually increase.#BankruptcyUpdate #BinanceNews #CryptoFreeEarnings #Write2Earn #Write2Earn #MarketPullback $USDC