Coinhouse just raised money with the aim of changing the vision of crypto in France using brand new services.
A new digital “bank”
The future looks bright for crypto investment firm Coinhouse. A contender for the title of French unicorn in the same vein as Ledger before it, the company recently announced a €40 million fundraiser.
The amount raised, thanks to the participation of investors such as the Oddo BHF group or Raise Ventures, could contribute to the propagation and growth of crypto in France.
The future of financial services, payments and web3 will be through the development of cryptos, and thus inevitably through those of players like Coinhouse making them accessible and usable for everyone.
Nicolas Louvet, Coinhouse boss, in a publication on social networks Twitter and LinkedIn
Coinhouse also wants to take the opportunity to offer new services. Indeed, the investment company is continuing its momentum to give itself more of a crypto bank image. For example, the opening of a whole new range of savings, from life insurance to guaranteed investments, is on the agenda for the coming months.
According to Capital, the company could also get into the crypto credit card business. Despite this apparent shift to the banking system and contrary to what one might think, Nicolas Louvet underlined in his publication that he did not want to turn Coinhouse into a traditional “neo bank”. Thus, new initiatives could be unveiled very soon.
Crypto Banks Continue to Grope in France
If we are currently witnessing a brand new revival of interest in crypto in France, the services that offer to use them are still very much in the minority. While it is possible for users to register with foreign institutions that offer crypto services, such as Revolut, French holders still walk a meandering thread between the crypto sphere and traditional banking.
If a first French bank recently takes the plunge, initiatives by companies from the traditional banking system remain rare. On the other hand, offerings from companies fully committed to crypto, such as Coinhouse, continue to thrive in the country. However, the whole remains very shy compared to abroad.
Switzerland, Germany and Asia already have a large number of licensed companies ready to offer crypto services to the entire population. So France still has a long way to go if it wants to catch up with them, especially as the delays pile up on the AMF side.
However, the recent accusation of Anne Boden, founder of the American neo-bank Starling, has only set fire to the powder kegs of the banks that fight the use of crypto among the population as best they can. Indeed, the entrepreneur has stated that cryptocurrencies pose a threat to payment systems, including Mastercard and Visa who have just opened their own crypto service.
Many crypto wallets are directly connected to payment systems. It is a threat to the security of our payment systems around the world. The industry as a whole really needs to be aware of the dangers of people using Bitcoin and cryptocurrencies to process fraudulent payments.
Statement by Anne Boden at a conference in Amsterdam
Something to think about for the banks, who were studying the possible possibility of gaining a foothold by opening up to cryptocurrencies in turn. As for the vagueness of the regulations, they only slow the development of industry companies, who don’t yet know what sauce they will eat once the first texts are out.
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