In recent weeks, the cryptocurrency market has suffered a spectacular crash in the wake of technology stocks that have tumbled on Wall Street since the start of the year. In this context, some players in the sector are in a dangerous situation. This is the case with the Celsius Network platform, which decided to freeze all withdrawals, exchanges and transfers in mid-June. The dizzying fall of the market was even fatal for the hedge fund Three Arrows Capital, which is now under compulsory liquidation.
In this surrounding recession, what from France ? Against all expectations, the picture is not so bleak for the hexagonal ecosystem. “The consequences are unequal depending on the players, because there is no homogeneity in maturity. For well-established companies, this market stabilization is seen rather as an option.”emphasized Faustine Fleuret, President of Adan, the association representing professionals in the digital assets and blockchain technologies sector in France, in the columns in Figaro. “The best companies in the sector have emerged during downturns. These periods clean up the market for opportunistic entrepreneurs or short-term investors and free up resources for the most interesting projects that offer real products and real use cases.”she added.
Ledger, Coinhouse and Sorare, three-colored spearheads
In this context, France can rely on several solid companies, such as Ledger, a cryptocurrency hedging specialist, which sees sales of its secure physical wallet increase in the face of fears from cryptocurrency owners of not being able to recover their money. In early June, Ledger also teamed up with Cathay Innovation to set up a € 100 million investment fund. Supported by Bpifrance, it aims to invest in young Web3 recordings, as well as those working with cryptocurrencies, decentralized finance (DeFi), blockchain or even NFTs.
In line with Ledger, we also find Coinhouse, which was its subsidiary when it was set up in 2015, before becoming independent in 2017. After raising 15 million euros at the beginning of the year, the French cryptocurrencies completed a new round of financing of 40 million euros in June to establish itself as a true European crypto bank and expand to Web3, whose potential whets the appetite of players in the crypto sphere.
Coinbase and Binance are betting on France
Among the other important players in the tricolor ecosystem is also Sorare. The French start-up, which mixes fantasy football and blockchain, can rely on its € 580 million funding round, which closed last year, to get through this turbulent period and even continue the development. In mid-May, it signed a partnership with Major League Baseball (MLB) to expand its footprint in the North American market. A few days ago, the French unicorn made a name for itself again by offering 2018 world champion Kylian Mbappé as an ambassador.
France is not content with having more gold nuggets that are holding up despite the current economic situation, but is also attracting investment from global cryptocurrency giants. A few days ago, Coinbase cited France as one of the European countries where the platform wanted to develop. In parallel, Binance announced last year its intention to invest 100 million in France and plans to make Paris its regional center in Europe. With an undeniable appeal at the international level, the French ecosystem is therefore approaching the future with serenity. And this while almost every tenth Frenchman has already invested in cryptocurrencies, a survey conducted by KPMG for Adan shows.