France’s state-owned bank says it will spend 25 million euros ($27 million) buying cryptocurrencies that support local crypto and blockchain projects.
Bpifrance said in a March 27 press release that it would back newly formed projects “with a strong French footprint” where it will receive tokens in return for its investment and will look to fund decentralized finance (DeFi), staking, tokenization and artificial intelligence.
It added that the plan, supported by the French Ministry of Economy and Finance, was to “promote emerging technologies and strengthen the French blockchain ecosystem.”
The global blockchain ecosystem is “currently booming” but the number of French funds taking part is still very limited, it said.
French digital and AI minister Clara Chappaz said public and private financing was “one of the keys to the sustainable positioning of our ecosystem on the international stage.”
Bpifrance