The Big Whale: Before we talk about the fundraising, could you please explain what Kriptown does specifically?

Mark Kepeneghian: Kriptown is a platform that enables the financing of European SMEs. We are available 24/7, with instant settlement and no counterparty risk.

Our aim is to facilitate access to finance for SMEs while offering investors, whether retail or institutional, the opportunity to invest directly.

Let's talk about the deal. Can you tell us more about the entry of BNP Paribas and Bpifrance into your capital?

This is a fundraising of €4.2 million in capital. The entry of BNP Paribas and Bpifrance is strategic on several levels. Firstly, because we recently applied for CSD (Central Securities Depository) and Stock Exchange approval, a first for a start-up in Europe. Secondly, because having banks like BNP Paribas and Bpifrance shows that the future of financial markets also lies in blockchain.

Would the entry of BNP Paribas and Bpifrance turn companies away from your platform because they already work with other banks?

So far, that hasn't been a problem. We are in discussions with other banks, and the fact that we have BNP Paribas as a shareholder shows that this is a very serious project. On the contrary, I think it should encourage other banks and SMEs to use us.

Kriptown is currently focused on SMEs. Do you plan to extend your offering to other types of business in time?

For the moment, we are concentrating on SMEs, as they are very poorly served. In the longer term, we are obviously looking at other types of securities, such as ETFs and shares in international companies. But our priority is to prove the effectiveness of our model with SMEs before moving on to other sectors.

BNP Paribas and Bpifrance have taken direct stakes in Kriptown, which clearly shows their involvement. Can you tell us more about their role?

BNP Paribas is present for the business side, in particular via the head of its derivatives and financial markets activities. Bpifrance, on the other hand, is more strategic. Their presence is essential to support our growth and long-term vision.

The United States is making rapid progress on the tokenisation of assets. How do you see their approach compared with what is happening in Europe, particularly with the "pilot regime"

The US is moving very fast, especially with players like BlackRock tokenising funds and currencies. In Europe, we have the pilot regime, which is a unique opportunity but complex to implement.

Our ambition is to catch up by demonstrating that tokenisation can bring real efficiency to assets such as those of SMEs, while complying with the European regulatory framework.

Is demand for this type of product strong? After six years in existence, do you see a real appetite among SMEs for solutions like Kriptown?

Absolutely. There is a huge need for equity financing for SMEs, especially in France. We have six years' experience and we have clearly understood the limitations of the previous model. Being an official stock exchange, where shares will be listed, will bring a great deal of clarity and simplicity for SMEs and investors.

Who can invest on Kriptown? Will the platform be open to SMEs from other European countries?

Any investor, individual or institutional, will be able to buy shares listed on our market. We will start with French SMEs, but investors will come from all over the eurozone. Eventually, we will also welcome SMEs from other countries, such as Germany, adapting to certain local specificities.

What blockchain technology are you using for your platform?

We are using Hyperledger Besu. Initially, we tested several blockchains, but we chose this one for its security and its suitability for our need for instant settlement.

Finally, a word about Euronext and their vision of tokenisation. Stéphane Boujnah recently said that it was not a priority for them. What do you think about that?

I think it's a question of management. Euronext focuses on markets that are already established, and that makes sense for a large group. As a fintech, we have the flexibility and the will to innovate upstream. If we can prove that our model works, I'm convinced that Euronext will eventually take an interest.