While French lawmakers are not necessarily always on the side of crypto companies, the same cannot be said of Bpifrance. For several years now, the public investment bank has been supporting the sector all round with direct investments, as well as funding in the form of loans and grants. Bpifrance is thus exposed to more than €80 million in the sector 🇫🇷.
In recent months, Bpifrance, which has not made any direct investments because of the particularly complicated context, has nevertheless continued to grant loans at so-called "preferential" rates, a boon for businesses at a time when the rise in rates by central banks has pushed up the cost of credit as never before.
Atlendis and Bubblemaps are among the companies that have taken advantage. Atlendis borrowed €1 million, while Bubblemaps was granted a €500,000 package as part of from a €3 million fundraising round.
According to our information, other companies such as Ledger could also benefit from a non-dilutive loan (no equity investment). The French unicorn, which raised €100 million in March 2023, is said to be in the running for a loan of more than €10 million. When contacted, Ledger declined to comment.
This money would be used in particular to bolster the cash position of Ledger, which is coming off a particularly complicated year with serial delays to its new product, the Stax, as well as several controversies concerning its Ledger Recover service. In October, the company announced that it would be shedding 12% of its workforce, or around 70 people.
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