France's state-owned investment bank Bpifrance announced plans to invest €25 million ($27 million) in cryptocurrency projects, marking a major push into digital assets by a sovereign institution.
The investment will specifically target blockchain projects with strong French connections, focusing on early-stage tokens that have not yet been listed on exchanges. Key areas of investment include decentralized finance (DeFi), staking, tokenization, and artificial intelligence applications.
"By accelerating its token investment strategy, Bpifrance reaffirms its commitment and strengthens its support for the development of French digital asset economy players operating within the European regulatory framework," said Arnaud Caudoux, Deputy CEO of Bpifrance.
The initiative comes with full backing from France's Ministry of Economy and Finance and represents one of the first direct cryptocurrency investments by a state investment bank globally.
Bpifrance brings considerable blockchain experience, having invested over €150 million in the sector over the past decade. The bank was an early backer of crypto hardware wallet maker Ledger in 2014 and has recently supported DeFi platform Morpho.
The timing of the announcement is notable as global competition in cryptocurrency intensifies. "The US is really accelerating its own crypto strategy, so this is all the more important," noted Caudoux, highlighting that Bpifrance began supporting crypto projects before recent US pro-crypto initiatives.
French Digital and AI Minister Clara Chappaz emphasized that combined public and private funding will be key for positioning France's blockchain ecosystem internationally.
The investment signals France's ambition to become a leader in blockchain innovation while nurturing local projects. Through direct token investments, Bpifrance aims to deepen its understanding of asset tokenization and blockchain liquidity management while boosting French competitiveness in digital assets.