Chain Accelerator, an accelerator that squarely focuses on upcoming blockchain projects, has been inaugurated in France. Apparently, it is the biggest service of its kind in the world and intends to attract startups from all over the world. The launch of this program which is located at Paris’s Station F is a significant pointer that the French are now open to the concept of digital currencies and their underlying blockchain technology.
— Chain Accelerator (@ChainAcc) June 20, 2018
According to the project’s founding partner, Nicolas Cantu, the establishment of Chain Accelerator has full backing from the President and the French government, who are committed to making Paris the global hub of ICOs. Nicolas added the accelerator would lay the foundations by pooling best talents, connecting investors and assisting blockchain startups in the development of necessary operation protocols.
Last year, the French economic minister, Bruno Le Maire, was significantly skeptical about digital currencies, and even suggested the imposition of restrictive regulations barring such investments in the French economy. However, this stance took a turn in 2018, with the minster publishing an article on a blockchain website declaring his support for the concept. Specifically, he noted that there is an ongoing blockchain revolution, alluding to the success of Bitcoin as a precedent. Le Maire concluded by stating that France should capitalize on this paradigm shift by nurturing cryptocurrency startups.
Undoubtedly, the inauguration of the Chain Accelerator program will significantly bolster Paris’s bid to become a reference point for blockchain projects worldwide. The leadership of this new platform comprises of renowned personalities in the blockchain industry, a factor that substantially increases the potential success rate of the program. Furthermore, the concept of virtual currencies is rapidly gaining traction in the European investment community, an aspect that also increases the number of prospective clients.
Pierre Person, the representative of Paris in the French National assembly, is equally confident that blockchain will bring numerous advantages to the local economy.
He said that while challenges such as financial constraints, non-compliance issues, and technical mishaps are unavoidable, they are negligible when compared to the potential benefits of distributed ledger technology. Therefore, Pierre reiterated that the legislature needs to develop laws that facilitate the seamless adoption of blockchain technologies.
While France is clearly working hard towards the integration of blockchain technology, it faces stiff competition from other European countries, especially, Britain and Switzerland. Since the turn of the year, Britain’s crypto space has amassed a turnover worth over $2 billion. On the other hand, Switzerland has hosted the four most valuable ICOs in the world.