Binance has invested 100 million euros in France to support and help the start-up crypto space in the country grow. As part of its efforts, the company is also partnering with Station F, the world’s largest startup incubator based in Paris. In addition to providing financial support, Binance will advise French crypto startups on token economics, help them conduct initial coin sales, and potentially provide them with liquidity through listings on their exchanges.
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Binance announced today that it has invested 100 million euros (approximately $108 million) in France to help Web3 startups in the country.
Binance Partners with Station F
Binance has invested 100 million euros (~$108 million) in the French crypto space to help make the pie bigger for everyone.
At the Paris Blockchain Week Summit on Wednesday, Binance CEO Changpeng Zhao announced that the company has partnered with Station F, the world’s largest startup incubator, and invested 100 million euros to help incubate French crypto startups. Zhao said the purpose of the investment is to develop the entire industry by supporting the French crypto scene. “France has a unique advantage in becoming a leader in this industry in Europe,” Zhao said at the conference, adding that the government’s attitude towards business and cryptocurrencies is “remarkable.” He added that the French government is one of the most “progressive” and “open-minded” in the world.
In addition to pouring millions of dollars into the country’s Web3 startups, Zhao said Binance also plans to send people in Paris to advise and broadly support French crypto startups. “We’re going to invest in them, advise them on token economics, and if their product gets traction, we want to help them with an initial sale and then hopefully provide them liquidity with a listing,” he said.
According to Station F director Roxanne Varza, who took the stage with Zhao, the partnership with Binance represents the first attempt by both entities. For Station F, this will be the first time the world’s largest startup campus will host a dedicated Web3 program. For Binance, this will be the company’s first direct participation in the incubator program.
Binance’s previous support for crypto startups has been largely financial in nature. For example, Zhao revealed that over the past three years, Binance Labs, the exchange’s in-house social fund and startup incubator, has invested heavily in the field, reaping huge returns despite believing it would lose money. He said:
“Over the past three years, Binance Labs has invested about $130 million in about 100 projects. Today, the total liquid market capitalization of these tokens or projects is about $7 billion, so we did 66 times, actually slightly Better than BNB.”
According to Zhao, Binance is the fastest growing company in the world and the fastest company in history to reach a $1 billion profit. As a result, Zhao himself became the richest man in the crypto space. Forbes recently estimated his net worth at around $65 billion, and that doesn’t even take into account his holdings of BNB, BTC, and other digital assets.
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