According to reports, a state-backed French bank is investing in cryptocurrency projects in a multimillion dollar initiative.
Bloomberg reports that the French state-owned Bpifrance, which manages assets worth nearly $110 billion dollars, is launching a $27-million crypto-venture fund for digital asset startups.
The fund will not only target token-based projects, but also those that have a “strong French footprint”, in the areas of artificial intelligence (AI), asset tokenization and staking.
Bpifrance’s deputy CEO Arnaud Caudioux said the bank needed to increase its accumulation strategy in order to keep up with the US, now that crypto-friendly politician Donald Trump has been elected president again.
According to Bloomberg: Cardoux.
The new US crypto policy has created a massive attraction for companies around the globe. The reason we want those companies to stay is because, in our opinion, it will be very important to maintain our own ecosystem.
Trump’s announcement earlier this month that the US would adopt Bitcoin (BTC), and other digital currencies as reserve assets caused “sell the news” at the time.
Bpifrance became interested in cryptocurrency in 2014, when it signed a contract with hardware developer Ledger. It invested in Morpho, a DeFi lending platform.
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