French State Bank Bpifrance Launches $27 Million Crypto Fund

French investment bank Bpifrance said it’s launching a €25 million ($27 million) cryptocurrency venture strategy to invest directly in digital assets as part of a broader support strategy for the nascent sector.

The state-owned bank will use the funds to invest in startups where it’ll receive tokens, rather than equity, Bpifrance said in a statement Thursday. Investments will be targeted toward blockchain projects with “a strong French footprint,” the company said, covering areas such as decentralized finance, tokenization, staking and artificial intelligence.

Bpifrance has invested more than €150 million into blockchain projects and startups over the last decade, including stakes ...