Topic: WHY THE NEXT LICORNES IN BLOCKCHAIN WILL NOT BE EUROPEAN (Read 152 times)
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While France is pleased with the new legal framework recently promulgated by the PACTE law, the European blockchain ecosystem continues to develop rapidly and faces ever greater strategic challenges. In a tribune, Nicolas Louvet, CEO of Coinhouse, explains how to reconnect with Europe of innovation thanks to the blockchain.
The relationship to money and financial assets is digitalized, starting with contactless payment and banking services now available on mobile. It is obvious that the blockchain is part of this movement. It changes the notions of custody, holding and transfer of any financial asset, allowing in particular better execution, both secure and at a lower cost. Many traditional finance players are interested, especially in the United States whether JP Morgan, Fidelity Investments or Goldman Sachs.
Despite the notable initiatives taken by the regulatory authorities, such as the AMF's optional visa for digital asset service providers ("PSAN"), the fact that the European ecosystem is lagging behind in this area is clearly . Of the eight largest companies in the blockchain in terms of valuation, which are also all trading platforms or mining companies, six are American and two Chinese. In this context, it seems more than ever vital to establish an environment conducive to innovation in order to allow the creation of major European players in this emerging sector.
Innovation stifled for lack of bank account
It is unfortunate to note the difficulties still encountered by some talented entrepreneurs to open bank accounts for their professional activities as long as they are part of this ecosystem, which is very promising. Even the Caisse des dépôts, initially planned as a last resort by the PACTE law for startups without a bank account, has refused to fulfill its role of public utility in this area.
I think it is high time that in the executive committees of European banking groups, the term crypto is no longer associated with money laundering or the purchase of drugs on the dark web, but a revolution on the edge of technology and finance. It is also unfortunate to meet "supervisors who are doing politics.
Funding both public and private remain very, or too shy. Few European venture capital funds (VCs) still invest in crypto-active companies. In France, the BPI (Public Investment Bank) has not yet succeeded in making an equity investment in projects that are among the most advanced in Europe. In China, the city of Nanjing has just launched a $ 1.5 billion blockchain investment fund. European players are therefore struggling to develop when their American and Asian competitors benefit from significant sources of funding.
We are in great need of a government that actively defends the interests of its entrepreneurs and a more ambitious European venture capital that is more attentive to projects related to PSAN's activities. This requires a profound cultural evolution on this theme that the United States and Asia have had no difficulty in accomplishing.
Europe, and France in particular, has companies that have already proven themselves in the blockchain ecosystem. The nugget Ledger, specialist in cryptoactive security, has capitalized on the expertise of the smart card to develop its portfolios in Vierzon. Bitfury, a European mining specialist, has set up in Norway with the support of the government to open a Bitcoin mining data center running on renewable energy! Coinhouse offers a real support for investing in crypto-assets.
In my opinion, the remaining obstacles must be removed as quickly as possible. It is essential that there is an awareness of our leaders of the significant potential of this sector and that measures are taken to prevent what happened with the Internet, now dominated by American champions (GAFA ) and Asian (BATX), is renewed with the blockchain. We have the know-how and the engineering necessary for European PSANs to radiate internationally and to be among the essential names of tomorrow. But for that, Europe must give us the means to succeed.
The relationship to money and financial assets is digitalized, starting with contactless payment and banking services now available on mobile. It is obvious that the blockchain is part of this movement. It changes the notions of custody, holding and transfer of any financial asset, allowing in particular better execution, both secure and at a lower cost. Many traditional finance players are interested, especially in the United States whether JP Morgan, Fidelity Investments or Goldman Sachs.
Despite the notable initiatives taken by the regulatory authorities, such as the AMF's optional visa for digital asset service providers ("PSAN"), the fact that the European ecosystem is lagging behind in this area is clearly . Of the eight largest companies in the blockchain in terms of valuation, which are also all trading platforms or mining companies, six are American and two Chinese. In this context, it seems more than ever vital to establish an environment conducive to innovation in order to allow the creation of major European players in this emerging sector.
Innovation stifled for lack of bank account
It is unfortunate to note the difficulties still encountered by some talented entrepreneurs to open bank accounts for their professional activities as long as they are part of this ecosystem, which is very promising. Even the Caisse des dépôts, initially planned as a last resort by the PACTE law for startups without a bank account, has refused to fulfill its role of public utility in this area.
I think it is high time that in the executive committees of European banking groups, the term crypto is no longer associated with money laundering or the purchase of drugs on the dark web, but a revolution on the edge of technology and finance. It is also unfortunate to meet "supervisors who are doing politics.
Funding both public and private remain very, or too shy. Few European venture capital funds (VCs) still invest in crypto-active companies. In France, the BPI (Public Investment Bank) has not yet succeeded in making an equity investment in projects that are among the most advanced in Europe. In China, the city of Nanjing has just launched a $ 1.5 billion blockchain investment fund. European players are therefore struggling to develop when their American and Asian competitors benefit from significant sources of funding.
We are in great need of a government that actively defends the interests of its entrepreneurs and a more ambitious European venture capital that is more attentive to projects related to PSAN's activities. This requires a profound cultural evolution on this theme that the United States and Asia have had no difficulty in accomplishing.
Europe, and France in particular, has companies that have already proven themselves in the blockchain ecosystem. The nugget Ledger, specialist in cryptoactive security, has capitalized on the expertise of the smart card to develop its portfolios in Vierzon. Bitfury, a European mining specialist, has set up in Norway with the support of the government to open a Bitcoin mining data center running on renewable energy! Coinhouse offers a real support for investing in crypto-assets.
In my opinion, the remaining obstacles must be removed as quickly as possible. It is essential that there is an awareness of our leaders of the significant potential of this sector and that measures are taken to prevent what happened with the Internet, now dominated by American champions (GAFA ) and Asian (BATX), is renewed with the blockchain. We have the know-how and the engineering necessary for European PSANs to radiate internationally and to be among the essential names of tomorrow. But for that, Europe must give us the means to succeed.
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