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It would appear that the French government's gamble to make Paris a global hub in crypto is succeeding. While Chinese-born giant Binance has just set up shop in France, one of its main competitors, Singapore's Crypto.com, is set to do the same in the coming weeks.
For the moment, Crypto.com has not yet found offices, and the size of its teams has yet to be determined. The only certainty is that the Asian giant has no shortage of ambition and wants to make Paris its European headquarters.
With this in mind, the group plans to invest heavily. "We plan to invest €150 million over the next four years, both in local start-ups and more generally in the French ecosystem," announces Éric Anziani. "Talent will be recruited, we'll be launching education campaigns and developing 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 all over the world, but mainly in the United States and Asia, and Europe is one of 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 Éric Anziani, who emphasises the attentiveness of the French authorities: "The French public players understand cryptos better because they also have this track record on the subject".
France has in fact introduced the status of service provider on digital assets (PSAN) from 2019. Crypto.com has just obtained this precious sesame.
Despite complicated market conditions, with bitcoin down 66% in the last year, the sector continues to grow. Crypto.com's announcements are the best illustration of this.
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