In Europe, the French government has taken a keen interest in virtual currencies, partnering with private actors to accelerate the development of cryptocurrency and blockchain in the country.
On Wednesday, November 4, France FinTech, a leading nonprofit aimed at promoting the growth of FinTech in France, and international cryptocurrency giant Binance jointly announced the launch of a $ 100 million initiative. euros ($ 115.4 million) called “Objective Moon”.
Funded by Binance, this initiative will support the development of the blockchain and cryptocurrency ecosystem in France and Europe.
“Objective Moon” was announced at a conference in Paris attended by both Binance Founder and CEO Changpeng ‘CZ’ Zhao, and Secretary of State to the Minister of Economy and Finance in France, Cédric O.
Three main cryptocurrency and blockchain related projects will be developed in France as part of ‘Objective Moon’, including the launch of a research and development center in the country that will help develop crypto talent -currency and blockchain across Europe.
Funding will also go towards the creation of the Objective Moon Accelerator which will help develop a decentralized ledger technology (DLT) ecosystem in France and Europe. In partnership with France FinTech, Binance and Ledger, a new online education program will also be created to help boost blockchain and cryptocurrency education in the country.
Commenting on the deal, Binance’s CZ said the company recognizes “the quality of French and European talent in technology, crypto and blockchain, and we are confident that with the launch of major operations and investments of Binance in France, we can make a significant contribution to making France and Europe the world’s leading player in the blockchain and crypto industry.
Alain Clot, President of France FinTech, added that in terms of regulation, talent and expertise, France occupies a unique position “to be the leading player in Europe in the field of decentralized finance (DeFi), and We believe that the collaboration started with Binance today will allow the entire ecosystem to grow significantly in the years to come. “
A report: Next-generation stablecoins and payments: moving towards institutional adoption of DeFi in Europe
There are facts to support Clot’s assertion about France’s leadership in DeFi in Europe.
Last month, PYMNTS announced that Société Générale-Forge (SG-Forge), a subsidiary of French multinational banking giant Societe Generale (SocGen), had requested a loan of up to $ 20 million in DAI stablecoins using tokens. bonds issued by the bank as collateral.
According to SG-Forge, the app, seen to date as one of the biggest steps towards institutional adoption of decentralized finance (DeFi), will be a “pilot first use case” that seeks to “s’ integrate into one of the largest DeFi protocols ”and help shape and“ promote experimentation within the French legal framework ”.
The French banking giant has been experimenting with blockchain assets for years through its digital asset-focused SG-Forge subsidiary, an indication that cryptocurrencies and stablecoins are likely to play a larger role in the French payments ecosystem at the future.
As part of a pilot project, the bank issued 100 million euros ($ 116 million) of covered bonds – and was the sole underwriter of the bonds – which were registered on Ethereum’s public blockchain in 2019.
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