Bpifrance, a state-owned French bank, has announced that it will buy $27M worth of crypto.

Unlike the likes of Japan, Hong Kong, and businesses like MicroStrategy, though, Bpifrance will only invest in projects that support local blockchain and crypto development.

Bpifrance, a state-owned French investment bank, is purchasing $27M worth of crypto to support local blockchain and crypto development.

This move follows a statement by the US administration that it wants to make the country the crypto capital of the world. A pro-crypto Trump administration would also speed up global crypto adoption.

Here’s a closer look at Bpifrance’s investment strategy, how the US’s crypto push is accelerating the industry’s footprint in 2024, and which could be the next crypto to explode as a result.

Bpifrance To Invest In Promising French Crypto Start-Ups

Bpifrance is planning to invest a total of €25M (around $27M) in promising crypto start-ups based in France.

The move will strengthen the French blockchain system and help the country become a leader in the digital asset space.

The investment will benefit local crypto and blockchain projects involved in all major crypto-related niches, including decentralized finance (DeFi), tokenization, staking, and AI.

“We are convinced of the growing importance that these players will take on in the years to come, and we want to increase French competitiveness and presence in the field of digital assets,” said Arnaud Caudoux, Deputy CEO of Bpifrance.

Bpifrance previously invested in hardware wallet firm Ledger in 2014 and has also made crucial contributions in ACINQ, Morpho, and Aleph.im.

It’s no secret that the world’s largest economy is keen on becoming the center of the crypto industry. Earlier this year, the US announced its desire to make the country the crypto capital of the world.

Moreover, Trump has announced that the administration is working on lenient crypto regulations.

The move follows the growing frustration among crypto founders and executives over the stringent crypto laws in the country.

Several high-profile figures, including MicroStrategy’s Saylor and Galaxy Digital CEO Mike Novogratz, have spoken out against the U.S. crypto push.

However, the administration’s focus on crypto is also a result of the increasing interest in digital assets among politicians and lawmakers.

Earlier this year, a bipartisan group of U.S. senators introduced legislation that could allow banks to apply to become federal cryptocurrency charters.