It looks like the French government's bet to make Paris a global hub in crypto is succeeding. While the Chinese giant Binance has just set up shop in France, one of its main competitors, the Singaporean Crypto.com, will do the same in the coming weeks.
For the moment, Crypto.com has not yet found offices, and the size of the teams is yet to be determined. The only thing that is certain is that the Asian giant does not lack ambition and wants to make Paris its European headquarters.
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In this context, the group plans to invest massively. "We plan to invest 150 million euros over the next four years, both in local start-ups and more generally in the French ecosystem," says Eric Anziani. "Talents will be recruited, we will launch education campaigns and we will develop partnerships with major French groups," he continues.
Read also: Exclusive interview: the boss of Binance wants to make the "most beautiful city in the world" his European headquarters.
Crypto.com is considered to be one of the biggest exchange platforms on the planet. It has 50 million users around the world, but mostly in the United States and Asia, and Europe is among its priorities. "Like Singapore, France was a pioneer in setting up a specific regime for cryptos very early on," explains the group's number 2 Eric Anziani, who emphasizes the attentiveness of the French authorities: "French public players understand cryptos better because they also have this history on the subject."
France has in fact introduced the status of digital asset service provider (DASP) from 2019. Crypto.com has just obtained this precious sesame.
Despite the complicated market conditions, with bitcoin down 66% in the last year, the industry continues to grow. Crypto.com's announcements are the best illustration of this.