France’s Bpifrance to invest €25M in Cryptocurrencies to Boost Local Industry

Bpifrance France established a €25M crypto fund that supports blockchain development within the country for enhancing its banking and financial systems.

Bpifrance the French state-owned investment bank plans to allocate maximum €25 million ($26.95 million) in emerging cryptocurrencies for backing local crypto businesses. The banking & finance sector of France embarks on this strategic transformation to advance blockchain innovation in the country.

Before this announcement Bpifrance made €150 million worth of blockchain and cryptocurrency investments through different projects. The bank formally introduces its new dedication fund for French projects to acquire fresh tokens that have not yet entered public exchanges according to Bpifrance deputy CEO Arnaud Caudoux.

Bpifrance aims to keep leading blockchain organizations within European markets while the U.S. advances its cryptocurrency adoption strategies. According to Caudoux we need to maintain our business and workforce base in Europe to build a stronger blockchain ecosystem.

The European Union enacted new guidelines that forces crypto companies to receive authorization before they can serve European customers thus shaping the banking & finance sector. European finance ministers doubt that the U.S.'s cryptocurrency-friendly policies will affect the monetary stability of the eurozone.

Bpifrance which operates through the partnership between the French state and CDC public lender maintains its investment decisions based on national economic interests. The finance minister of France declared a new €450 million defense-oriented capital fund to extend Bpifrance's influence in financial policy development.