France’s Kriptown runs a blockchain-based crowdfunding platform and has raised a €4.2 million ($4.6m) Series A led by BNP Paribas, Bpifrance and the Centilux Family Office. The startup helps SMEs to raise funds and has applied to French regulator ACPR to launch a combined DLT-based exchange and settlement service (DLT TSS) under the DLT Pilot Regime.
Kriptown sees limited options for European firms to raise equity financing and hopes to address this, particularly in capital intensive sectors such as “reindustrialization” and the energy transition. It will create a 24/7 secondary market for security tokens, which will be accessible to both retail investors and asset manager.
It already holds a French digital asset service provider license. The company’s current investment listing have low investment entry points, often less than €10. So far it has signed up 6,000 investors and processed 10,000 transactions worth €5 million.
Meanwhile, the DLT Pilot Regime finally has lift off. The EU law aims to relax certain legal restrictions, such as allowing a DLT operator to run an exchange and settlement system, two processes that usually require separate licenses. Additionally, it allows exchanges and settlement platforms to interact directly with retail investors, sidestepping the broker requirement.
Last week CSD Prague said it has approval to go live with its securities settlement platform in mid November. 21X, the German trading and settlement platform also appears to be in the final stretch of receiving approval. In the meantime, more startups like Kriptown are applying for licenses.
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