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Paris blockchain incubator aims to put France at heart of tech boom

By Ashley Norris

New venture The Garage will provide space and support for European start-ups to develop projects

A new incubator to support blockchain start-ups, help big companies launch blockchain projects and educate engineers about blockchain development has been launched in Paris.

Known as the Garage, the project is a collaboration between Cyril Paglino, from US venture firm Starchain Capital, Fabrice Le Fessant, of French blockchain company Dune Network, and Oussama Ammar, from pan-Euroean startup specialists The Family. It will attempt to solidify France’s position in the global blockchain industry.

The incubator’s headquarters in the French capital will offer a range of services to start-ups with a co-working space to enable blockchain entrepreneurs to network.

The Garage has already signed up five start-ups including Ipocamp, Ticket721 and Elite Chain. It aims to work with 25 companies a year.

“We take 5 per cent of equity after six months if the start-up and The Garage are happy,” The Garage director Damien Daübe said.

In exchange for the equity the start-ups get assistance not just with raising investment but also product, engineering, press relations and marketing.

The incubator will also try to bring developers and larger businesses together.

Starchain Capital partner Cyril Paglino said: “The idea is to have a place where people can hang and learn… Blockchain is pretty abstract for most people. To have it in the centre of Paris will be key to letting people know things are really happening. It’s like an anchor.”

Europe has lagged the world in investment in blockchain businesses. A report from CBInsights this year highlighted how the US is home to 40 per cent of blockchain equity financings, with China second (15 per cent), the UK third (8 per cent). Other Asian countries, including Singapore (4 per cent), and South Korea (3 per cent) also feature prominently.

FURTHER READING: China and Hong Kong to partner on new blockchain-based trade finance platform

FURTHER READING: 42% of blockchain employees work for crypto exchanges

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