Bpifrance, a French investment bank, has taken part in a Series A funding round for ACINQ, a Bitcoin startup with a focus on the lightning network. The round was led by Idinvest Partners with participation from Serena, a venture capital firm. Even though the move is a bit interesting coming from a state-owned traditional investment bank, the institution recognizes that the Bitcoin sector is slowly becoming a lot more difficult to ignore.

Nicolas Debock, the managing director at Idinvest Partners, in a conversation with Coindesk, has said that there are opportunities in the sector, especially with firms like ACINQ, who offer reasonable opportunities. Debock said:

“As we continue to look at Bitcoin companies, we think that second-layer opportunities are a big one and it’s definitely something we’ll be looking into more. If you’re building for the digital economy…you need to build a strong and safe infrastructure. What I really like [about ACINQ] is they are not rushing to launch a product that isn’t ready.”

Adding the recent Series A funding round, ACINQ has now pulled in a total of $10 million. The company’s CEO, Pierre-Marie Padiou, has said that the funds, among other things, will be used to double the company’s staff strength, from six to twelve, within the next 12 months. Padiou has said that however long it will take, the company will find just the right set of people for the job.

Of all the nodes currently on the lightning network, ACINQ’s node has the largest capacity and can handle more than 1,000 channels.

France is generally trying to make the crypto space more viable in the currently. Previously, it sharply reduced Bitcoin taxes from 49% to 19%.

Image Credits: Pixabay

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