Crypto.com sets up in France

Created in 2016, the crypto-asset giant Crypto.com is following in Binance's footsteps to set up in France in its turn. This event clearly demonstrates that beyond the current crisis affecting the crypto-asset market, the durability of the activities of the players involved is assured, as much as their ambitions are strengthened on all markets.

FACTS

• Crypto-asset giant Crypto.com has just confirmed the effective launch of its platform in France.

• Paris has even been chosen as the European regional headquarters for its activities.

• On the investment side, this new deployment represents a major effort for the platform, which says it is releasing nearly €150 million to achieve its goals.

• This sum should enable Crypto.com to support

  • the setting up of its market operations in Europe,

  • the installation of its regional headquarters in Paris,

  • the recruitment of local talent,

  • investments in local start-ups (50 million allocated to seed and Series A).

• Crypto.com plans to focus on compliance, business development, new product launches and consumer education.  

CHALLENGES

• Securing regulatory approval: Crypto.com obtained its regulatory approval as a Digital Asset Service Provider (DASP) and PSAN from the Autorité des marchés financiers (AMF) after receiving authorisation from the Autorité de contrôle prudentiel et de résolution (ACPR) last September to operate.

• Spreading the word: Crypto.com plans to devote part of its efforts to teaching and educating the general public about investing in crypto-assets. This approach represents a major challenge in terms of democratising its offer and therefore establishing itself among the local population as a key player in the crypto market.

MARKET PERSPECTIVE

• The democratization of the crypto-asset market can therefore rely on a new player in France. A strong signal for potential investors as Bitcoin, a reflection of the health of the crypto-asset market, is approaching $18,000, compared to its all-time high of over $67,000 reached last November.

• The International Monetary Fund (IMF) also predicts a significant risk of a global recession by 2023. As with the global economy, some observers believe that the situation for Bitcoin and other crypto-assets could get even worse.

• The fact remains that the trend towards decentralised finance continues to grow, driven by the initiatives of an increasing variety of players and by the positioning of central banks on the subject of MNBCs. The Banque de France is also participating in the new digital euro trials.

KEY FIGURES

2016: Creation

more than 50 million users worldwide