France's state-owned investment bank Bpifrance has launched a €25 million fund to invest directly in emerging cryptocurrency projects, marking a major push to strengthen the country's position in the digital assets space.
The new fund will focus specifically on purchasing tokens from French crypto projects before they are listed on major exchanges, rather than investing in established cryptocurrencies like Bitcoin. This approach aims to provide early-stage support to local blockchain initiatives.
"Instead of purchasing large cryptocurrencies such as bitcoin, the fund will target buying smaller newly-created tokens issued by French projects, before they are listed on crypto exchanges," explained Arnaud Caudoux, Deputy CEO of Bpifrance.
This latest investment builds on Bpifrance's track record of supporting blockchain technology, with over €150 million already invested in related projects over the past decade. However, this marks the bank's first direct investment in digital assets themselves.
The move comes as France seeks to retain talent and companies within the European ecosystem, particularly as the United States emerges as an increasingly attractive destination for crypto businesses. "We have great engineers and great companies in Europe, and we want to keep those companies here," noted Caudoux.
Clara Chappaz, France's Minister Delegate in charge of AI and Digital, praised the initiative, calling it "a strong signal of our determination to make France a country of excellence for these technologies."
Beyond financial support, Bpifrance plans to assist these crypto projects in securing listings on exchanges, providing comprehensive support to help them establish market presence and scale their operations.
The fund represents a strategic shift in France's approach to cryptocurrency development, demonstrating the country's commitment to nurturing a competitive domestic blockchain sector while maintaining European technological sovereignty in the rapidly evolving digital asset landscape.