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It's a minor earthquake in the French crypto universe. At the beginning of December, The Blockchain Group, which is listed on the Paris Bourse (small caps), applied to the Nanterre court to be placed in receivership.
This procedure was applied for when the company had run out of cash and could therefore no longer operate. The company's debt exceeds €1 million. The listing has been suspended and the management has been replaced pending completion of the proceedings.
Fewly known to the general public, The Blockchain Group was born in 2018 from the ashes of Leadmedia. The company, which now has 200 employees with its subsidiaries, has grown through successive acquisitions with the purchase of several companies in the crypto universe, such as Iorga Group and BountySource in 2020, as well as Triman in 2021.
The Blockchain Group has also launched "in-house" companies such as Eniblock, which offers wallet-as-a-service solutions. Eniblock itself was floated on the stock market in September 2022.
Despite the increase in its turnover (just over €20 million in 2023), the company's expenses have continued to rise. "The management of The Blockchain Group has been very poor, to put it mildly", explains a person close to the company, pointing the finger at the former management and in particular its CEO Xavier Latil.
The alternatives now rotate between liquidation, asset disposals or takeover under certain conditions. According to our information, the preferred option is asset disposals. "The structure is still viable, we just need to clean house", explains an informed source. A clean-up that will take place well before spring.
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