TBW - Bpifrance wants to double its investment in blockchain start-ups by 2029
Following a decade of crypto industry investment, Bpifrance's assessment reveals promising results. "Despite the industry's inherent challenges, the outcomes speak for themselves," states Arnaud Caudoux, Deputy CEO of the public investment bank, this Thursday.
Since 2014, the institution has backed roughly 200 blockchain startups, channeling over 150 million euros through partner funds and direct equity investments (15 million euros). "Nearly all these projects remain active and most are thriving," notes Arnaud Caudoux. "It's time to accelerate," he emphasizes, particularly given the dynamic U.S. market.
Consequently, Bpifrance plans to double its investment by 2029, diversifying across loans, equity investments, and tokens.
"While continuing our lending activities, we'll emphasize equity investments and tokens, building on our successful ventures with Morpho and Aleph," explains Arnaud Caudoux. Though Bpifrance has exited Aleph, it maintains its Morpho token position.
The plan encompasses a balanced allocation of 100 million euros for direct investments, 100 million euros for indirect investments through partner funds (including Cathay Ledger), and a 25 million euro token fund. "Due to regulatory constraints, we can't establish a token fund yet, so investments will be made progressively and carried on Bpifrance's balance sheet," says Arnaud Caudoux.
This announcement follows Digital Affairs Minister Clara Chappaz's recent pledge to strengthen both regulatory and financial support for the French sector. "I will convene crypto stakeholders in April to evaluate the sector's health and maintain our position as a leading hub," she stated in an interview with The Big Whale.
