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Could France Lead the EU’s Digital Comeback?
After starting the year at a five-year low, France appears poised to lead venture investment in the EU out of its slump. The country has emerged as a rising star in Europe’s vibrant financial technology (FinTech) sector, attracting a surge of venture capital that is driving the growth of startups aiming to disrupt traditional banking.
A significant boost came with Microsoft’s $4 billion investment announced on May 14. Coupled with a series of public-private partnerships and investment-friendly regulations, France has become a formidable FinTech destination after years of lagging behind. Noted economist David Evans, writing for PYMNTS on April 18, highlighted Europe’s struggle in producing leading digital businesses over the past three decades. He noted that of the 69 digital businesses worth $10 billion or more as of December 2023, Europe, which accounts for 21% of global GDP, had only five: Spotify, Adyen, Revolut, Adevinta, and Checkout.com. None of these are based in Germany, France, Spain, or Italy, the four largest EU economies.
In 2023, the French FinTech sector saw a notable shift in deal activity and funding. The year recorded 147 deals, a 12% decrease compared to 2022, which is relatively strong compared to the European average, which saw a 43% drop. French FinTech companies secured $1 billion in funding, reflecting a significant 79% decline from the previous year. Despite this, the average deal size in France remained substantial at $6.8 million, though it represents a 77% reduction, indicating fewer large deals.
Ledger, a company providing security and infrastructure solutions for digital assets, was the largest French FinTech deal in 2023, raising $108 million to extend their Series C funding round, maintaining the company’s valuation at €1.3 billion. Led by Chairman and CEO Pascal Gauthier, Ledger is a global platform for digital assets and Web3, with over 6 million devices sold to consumers in 200 countries, securing 20% of the world’s crypto assets.
This FinTech surge aligns with efforts by President Emmanuel Macron’s government to enhance the startup scene and attract tech talent and capital. Since launching the La French Tech initiative in 2013, France has aimed to cut red tape, encourage entrepreneurship, and promote itself as a business-friendly hub.
According to Le Monde, the French government reported benefiting from 1,815 international investment projects in 2023, which are expected to maintain 1,391 jobs and create 57,863 new positions over the next three years, surpassing 2022 figures. Reforms to reduce labor costs, cut corporate tax, and introduce a “green industry tax credit” are likely attracting investors.
Microsoft’s largest-ever investment in France, announced on May 14, involves €4 billion to expand its cloud and AI infrastructure, adding up to 25,000 advanced GPUs by 2025. Microsoft will expand its data center footprint in Paris, Marseille, and build a new campus in Mulhouse Alsace Agglomération.
“With this major project, the Grand Est region is making Alsace a benchmark region for artificial intelligence in France and Europe,” said Franck Leroy, President of the Conseil régional du Grand-Est. Microsoft also commits to upskilling 1 million people in AI by 2027, partnering with various institutions to launch training programs aimed at building AI fluency and supporting business transformation.
Additionally, Microsoft aims to accelerate 2,500 French startups with AI support through its new Microsoft GenAI Studio program. This initiative offers AI expertise, cloud credits, and collaboration opportunities, including a tailored 4-month program at STATION F and a nationwide tour to connect with regional players.
In 2019, France implemented significant regulatory changes for digital assets and initial coin offerings (ICOs), including defining tokens as digital representations of securities and introducing a framework for a secondary market with digital asset service providers. These regulations reflect France’s commitment to fostering a comprehensive regulatory environment for digital assets and ICOs.
Brexit has also played to France’s advantage, prompting some FinTech firms and talent to shift from London. Bruno Le Maire, the Minister of the Economy, stated his objective to leverage Brexit’s momentum to attract more jobs and investment inflows. Since 2021, Paris has seen over 5,500 new positions in banking and finance, with major financial institutions establishing eurozone operations in the French capital. Stéphane Boujnah, CEO of Euronext, noted that while Paris may not yet rival London, its growth is notable compared to its previous status.
One high-profile success is Lydia, a payments app popular among French Gen Z and millennials. Backed by Accel and Tencent, Lydia is investing €100 million to expand its digital banking services through a new app, Sumeria. Despite this investment, cofounder Cyril Chiche expects the company to achieve profitability in 2023.
Other notable French FinTech deals include Qonto’s €486 million raise in 2022, valuing the neobank at €4.4 billion, along with significant rounds for Spendesk, Bleckwen, and Fintecture.
Source: pymnts.com
The post Could France Lead the EU’s Digital Comeback? appeared first on HIPTHER Alerts.
HONG KONG, Aug. 7, 2024 /PRNewswire/ — COCA, a pioneering force in the crypto wallet and financial services industry, has achieved several remarkable milestones in Q2 2024. Thanks to the steadfast support of its user community, COCA has launched new features, expanded its partnerships, and garnered prestigious accolades, further solidifying its position as a leader in the crypto space.
Launch of Physical Cards
COCA has introduced its highly anticipated physical cards, which are now available globally and compatible with Apple Pay and Google Pay. These cards allow users to make transactions with ease, earning cashback rewards on their purchases. This significant launch marks a step forward in integrating crypto with everyday financial activities, enhancing user convenience and financial flexibility.
Wallet Growth Milestone
The company has reached a significant milestone with 510,000 active wallets, reflecting a 102% growth quarter-on-quarter. This surge in active wallets highlights the increasing trust and adoption of COCA’s platform, as more users join the COCA community to manage their crypto assets securely and efficiently.
Transaction Volume Surge
In Q2 2024, COCA processed over USD 450,000 in transactions through its platform, demonstrating the robust usage and popularity of its financial services. This impressive transaction volume underscores COCA’s commitment to providing smooth and efficient crypto payment solutions.
Integration with Revolut
COCA has made it easier for users to fund their wallets by integrating with Revolut. This new feature allows seamless loading of crypto assets, enhancing the overall user experience and accessibility of COCA’s services.
Award Recognition
COCA has been honoured with the “Best Startup” award in the Financial Revolution category at CONF3RENCE & BLOCKCHANCE 2024. This award is a testament to COCA’s innovative approach and significant impact on the future of finance, recognizing its efforts in driving forward the digital financial ecosystem.
New Strategic Partnerships
COCA has formed strategic partnerships with industry leaders such as Wirex Pay and GoMining. These collaborations aim to provide users with enhanced rewards and a superior overall experience. The partnerships signify COCA’s dedication to expanding its ecosystem and delivering greater value to its users.
Welcoming Pavel Matveev
COCA is excited to announce the addition of Pavel Matveev, Founder of Wirex, to its team as a Strategy and Product Advisor. Pavel’s extensive experience and visionary approach are expected to drive COCA’s strategic initiatives and product development, contributing to the company’s continued growth and innovation.
Season 2 Point System Launch
Season 2 of COCA’s popular point system has launched, offering users the opportunity to earn points through various activities, including trades, referrals, holding assets, and spending with COCA cards. With a prize pool of USDT 3500 and 5 Wirex Pay Nodes, this season promises exciting rewards and increased user engagement. The season ends on August 9th, so users are encouraged to participate actively.
NFT Giveaway
In a special giveaway, COCA distributed 1000 GoMining NFTs to lucky users. These NFTs provide unique benefits, including enhanced mining capabilities and exclusive digital collectibles, adding significant value to the user experience.
For further details on COCA’s Q2 achievements and upcoming initiatives, visit the company’s blog.
Website: coca.xyz
COCA continues to redefine the crypto experience with its innovative solutions, seamless integrations, and user-focused approach. The company’s recent milestones and future plans highlight its commitment to leading the way in the digital financial landscape.
About COCA
COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.
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VICTORIA, Seychelles, Aug. 7, 2024 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to announce the launch of GemPool, its innovative new platform that allows users to acquire token airdrops as a reward for staking their crypto assets. This unique product is designed to provide early access to emerging crypto projects while offering rewards for their existing holdings at zero cost. By staking respective tokens in separate pools, users can farm new tokens and gain a foothold in the latest developments within the cryptocurrency market.
GemPool also offers flexible staking terms, allowing users to stake and un-stake their assets anytime within the designated period without lock-up restrictions. This flexibility ensures that users can manage their assets according to their preferences and market conditions. Additionally, GemPool provides zero-cost rewards, enabling users to earn tokens while holding their existing cryptocurrencies. By staking their tokens, users contribute to the growth of promising new projects, supporting innovation and development within the crypto space. With completion of tasks offered, users are eligible to earn multiplier bonus and receive more rewards.
Users can participate by staking KCS, USDT, or other specified assets in designated pools. The rewards are earned according to the respective yields of the pools, ensuring a fair and exciting experience for all users.
For more information on how to participate and the benefits of GemPool, please visit the KuCoin GemPool page.
About KuCoin
Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.
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Latest News
Trust Wallet Launches Gamified Education Platform and Loyalty Program to Enhance and Reward Web3 Learning
DUBAI, UAE, Aug. 7, 2024 /PRNewswire/ — Trust Wallet, the world’s leading self-custody Web3 wallet and Web3 gateway trusted by over 130 million users, has launched Trust Wallet Quests, a gamified education platform within the Trust Wallet mobile app which encourages users to earn points while exploring and learning about Web3.
Users can engage in task-based challenges ranging from quizzes to complex problem-solving scenarios composed of various DeFi and Web3 activities, all designed to deepen their understanding of blockchain technology and decentralized applications (dApps), and expose them to exciting opportunities within Web3. As an incentive, users will earn Trust Points, a loyalty-based points system designed to reward user activity within the Trust Wallet mobile app. With Trust Points, users can earn rewards upon the completion of specific tasks, making Web3 more rewarding and fun.
In the future, Trust Points will offer additional gamification features, such as unlocking achievements, badges, and levels. This interactive approach not only boosts individual learning but also contributes to broader community education and adoption of decentralized technologies, making Trust Wallet Quests a dynamic and exciting way to reward loyal users and engage with communities in Web3.
On the motive for launching Trust Wallet Quests, Eowyn Chen, CEO of Trust Wallet, stated: “The complex technology and fast-paced industry can be intimidating for both new and seasoned users. The introduction of Quests on Trust Wallet further solidifies our commitment to making it easier for millions to navigate Web3, aligning perfectly with our mission to build a seamless Web3 hub and open ecosystem for all.”
Nate Zou, Head of Product at Trust Wallet, highlighted what to expect from Trust Points and Trust Wallet Quests: “Trust Points and Quests are just the first iteration of a much-needed reward system for our community. Within 2024, we have plans to build on this, combining rewards with many of our other web3 product offerings. Overall, we envision this points system not only changing how users engage with Trust Wallet, but also encouraging more collaboration between Trust Wallet, our users and other web3 ecosystem players.”
Trust Wallet Quests and Trust Points are now available on both Android and iOS versions of Trust Wallet’s mobile app. Download here: https://short.trustwallet.com/TrustWalletQuests
About Trust Wallet
Trust Wallet is the self-custody, multi-chain Web3 wallet and Web3 gateway for people who want to fully own, control, and leverage the power of their digital assets. From beginners to experienced users, Trust Wallet makes it easier, safer, and convenient for millions of people around the world to experience Web3, access dApps securely, store and manage their crypto and NFTs, buy, sell, and stake crypto to earn rewards, all in one place and without limits.
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