The growth of the blockchain sector in France
The French government recently declared blockchain a national research priority as part of its plan to invest in innovation. Here’s our report on the key facts and players of French blockchain.
The key players
Large French companies such as BNP Paribas, Société Générale and SNCF are doing blockchain research.
French blockchain startups are also blossoming, such as Ledger which has raised over €7M and is known for the quality and security of its hardware wallets; and Stratumn which offers a platform for developing enterprise-level blockchain applications.
French engineering schools such as ESILV and ECE are also pioneering blockchain research. The quality of research in France is extremely high by European standards, and the French government has now made blockchain a national research priority.
The French state is working to invest in blockchain innovation and has pledged to invest $5 billion in tech innovations including blockchain. This means that new public financial support will be available to blockchain startups looking to develop in France, as well as dedicated structures to support their growth.
France also has very open regulation regarding blockchain, so French blockchain-related projects legally have the right to a bank account. This was legally put in place in April 2019 as part of the French blockchain initiative, and paves the way for French life insurance and private equity funds to get more exposure to crypto assets.
Government support for blockchain startups
Startups or companies working on blockchain innovation can access French national funding via BPI France’s i-Nov call for proposals. This initiative allows companies working on innovative R&D projects judged to be beneficial to the French economy to access funding from €600K to €5M. Blockchain projects come under the ‘digital deep tech’ category. This funding is available to companies with a physical presence in France, and the current call for proposals ends on 08 October 2019.
If you are interested in finding out more about the opportunities to set up your business in France, or the support available to innovative tech companies, please contact Business-Parks.com. Our qualified team is able to offer free, non-binding advice.