Bpifrance unveils $27M crypto fund to boost blockchain projects
Key Takeaways
Bpifrance launches a $27 million fund to support France’s blockchain sector.
This investment marks a pioneering move among sovereign funds globally.
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Bpifrance, one of France’s most powerful and influential state-backed institutions, announced Thursday it will invest up to €25 million (approximately $27 million) in digital assets to support the country’s blockchain sector.
The bank will not build a strategic Bitcoin reserve, but will focus on supporting crypto businesses with a strong French presence. Its target areas are DeFi, physical networks, tokenization, (re)staking, layer 1, 2, and 3 protocols, AI, and identity certification.
Despite the $27 million fund being small compared to the total $2.9 trillion crypto market cap, Bpifrance’s move signals a strategic effort to bolster the French crypto ecosystem.
According to the bank, the investment initiative represents a pioneering step among sovereign funds.
“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.
Bpifrance is no stranger to the blockchain world, having invested €150 million over the past decade in over 200 startups.
The new capital will be deployed through direct equity stakes or investments via other funds—whether French or foreign—as long as these funds commit to reinvesting at least double Bpifrance’s contribution back into France.
Bpifrance has explored web3 opportunities through initiatives like the Ledger Cathay Capital fund, backed by Ledger and Cathay Innovation. The bank supported the launch of the €100 million ($110 million) early-stage venture fund.
The state-owned bank also backs other firms like Acinq, a Bitcoin payment network developer, Kriptown, a digital asset-based SME financing platform, and DeFi protocols like Morpho.
“Bpifrance’s initiative sends a clear message about our ambition to make France a leader in these emerging technologies,” said Clara Chappaz, Minister Delegate for AI and Digital Affairs. “We are taking another step forward to help our national champions scale in a highly competitive sector. The commitment of both public and private investors is crucial for ensuring our ecosystem holds a strong, lasting position on the global stage.”
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