Despite a chilling crypto winter and real-world unrest in Paris, the energy at Paris Blockchain Week (PBW) was undeniably bullish. Imagine stepping into the Carrousel Du Louvre, a venue more accustomed to art than blockchain, and finding yourself surrounded by the vibrant pulse of the crypto world. This year’s PBW wasn’t just another conference; it was a testament to the enduring spirit of the crypto ecosystem, especially in France.
Defying the Bear: Bullish Vibes at Paris Blockchain Week
Organizers, like co-founder Michael Amar, admitted the timing was unexpected. “To be honest with you, we made the choice before the bear market,” Amar shared. Yet, stepping into PBW, you’d hardly know the crypto landscape had shifted. The atmosphere buzzed with optimism, reminiscent of a bull market frenzy. Attendees navigated through:
- Web3 Gaming Simulators: Immersive experiences showcasing the future of blockchain gaming.
- “Cex Life” Prompts: Intriguing signs sparking conversations about centralized exchange experiences.
- Unexpected Entertainment: Even dwarfs in clown costumes added a surreal, unforgettable touch to the event (the reason remains a delightful mystery!).
This vibrant scene unfolded against the backdrop of Parisian protests, a stark contrast to the conference’s optimistic atmosphere. While last year’s event narrowly avoided a mishap with Binance’s Changpeng Zhao and a rogue tarpaulin, this year, the city itself was in commotion. Protests against raising the retirement age filled the streets with trash and burning debris, a stark reminder of real-world challenges existing alongside the digital revolution. Even giants like Google, Amazon, and Reddit were in town, albeit perhaps indirectly impacted by the protests that even delayed King Charles’ visit!
From Hackathons to Hub: The French Crypto Evolution
The growth of PBW mirrors the maturation of the French crypto ecosystem. Co-founder Charlie Meraud recalled the humble beginnings in 2019 with just 1,500 attendees, a far cry from the 8,500 registrants this year. Back then, Meraud juggled market making at Woorton with the entire conference organization!
This evolution is deeply rooted in France’s early embrace of crypto. Pascal Gauthier, CEO of Ledger, highlighted the pivotal role of La Maison du Bitcoin, founded in 2014 by Eric Larchevêque and Thomas France. This “crypto WeWork,” as Gauthier described it, became Coinhouse and a vital hub for the French crypto community. Crucially, a 2015 hackathon at La Maison du Bitcoin birthed none other than Ledger itself!
France: Where Luxury Meets Ledger – A Unique Crypto Blend
What truly sets France apart in the crypto world? It’s the unique synergy between traditional French industries and the burgeoning web3 space. PBW showcased this perfectly, with brands like AXA, PSG, LVMH, Kering, and Givenchy mingling with crypto heavyweights such as Animoca Brands’ Yat Siu, Tim Draper, and Circle’s Jeremy Allaire.
French crypto players emphasize that this blend of corporations, culture, and crypto is uniquely French. Bpifrance, a public investment bank, actively supports this intersection. Ivan De Lastours from Bpifrance pointed to France’s creative sectors—gaming, film, and fashion—as key drivers of its thriving crypto ecosystem.
Luxury Embraces Web3: Examples from the Frontlines
Pierre Nicolas Hurstel, CEO of Arianee, provides a compelling example of this synergy. Arianee focuses on providing web3 infrastructure for luxury brands, leveraging blockchain to address core industry needs like scarcity, ownership, and transferability. Their Digital Passport NFT, linked to luxury goods, verifies authenticity and tracks ownership history.
Vacheron Constantin, a luxury watchmaker, was an early adopter, trialing Arianee’s passport in 2019. Despite internal hurdles, champions within Vacheron Constantin pushed for innovation, leading to a full product-wide launch in late 2021. This exemplifies the “extremely organic” relationship between French luxury and crypto, as described by Ledger’s Gauthier.
Further solidifying this trend, events like NFT Paris and incubator programs by LVMH and L’Oréal are actively bridging the gap between crypto businesses and luxury giants.
Navigating Challenges: Contagion and Regulation
The French crypto story isn’t without its challenges. The crypto crash of 2022 impacted even established players like Coinhouse, a crypto OG in France. Coinhouse had to suspend yield products due to exposure to FTX and Genesis. However, demonstrating resilience and responsible practices, CEO Nicolas Louvet confirmed that 92% of customers have been fully refunded, with efforts ongoing for the remaining funds.
Coinhouse, notably the first crypto business registered with French regulators, was listed as a Genesis creditor with a significant claim. This contagion prompted a regulatory response, initially leading to stricter legislation. Interestingly, regulations have since been relaxed, highlighting the dynamic and evolving nature of crypto regulation in France.
Binance and Beyond: France’s Crypto Ambitions Remain Strong
Despite some exchanges having a less visible presence at PBW this year, France remains a key hub. Binance, for instance, reaffirms its commitment to France as its European base, actively deploying its €100 million investment and creating 150 jobs in its Paris office.
Guilhem Chaumont of Flowdesk, a crypto market maker, points out a crucial lesson from recent events: “Just like banks, we’re now finding that things we assumed couldn’t fail can.” While fashion and art are embracing blockchain in Paris, infrastructure development is ongoing. Circle’s choice of Paris for its EU headquarters while seeking a French license signals confidence in the French market, although widespread adoption of a Euro-denominated stablecoin is still on the horizon.
Despite the slow uptake of Euro stablecoins and the Euler hack affecting Angle Protocol’s AgEUR, French crypto companies like Flowdesk and Ledger report positive momentum. Flowdesk experienced record growth in March, onboarding numerous token issuers. Ledger’s revenue peaked during the FTX crash, demonstrating its role as a safe haven in turbulent times. Arianee anticipates continued demand from the luxury sector for web3 solutions.
France: Europe’s Crypto Powerhouse in the Making?
While President Macron grapples with social unrest, France’s ambition to become Europe’s crypto powerhouse remains undeterred. Paris Blockchain Week showcased not just the resilience of the French crypto ecosystem but also its unique strengths – the fusion of luxury, culture, and innovation. France is not just weathering the crypto winter; it’s actively building a vibrant and diverse crypto future, positioning itself as a key player in the global web3 revolution.
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