A new investment fund is seeking to raise as much as $100m over
the next two years to fuel investments in the blockchain space.
Founded
by financial technology consultant Chris Skinner and Singapore-based venture
capital firmLife.Sreda, the
Banking on Blockchain Fund is hoping to raise $50m by year's end, with an
additional $50m to be raised by the end of 2017.
Life.Sreda, whose portfolio focuses
primarily on FinTech and payments, has committed $5m thus far,
according to a report by Financial News.
Those involved with the new initiative include Thomas
Labenbacher, who will serve as managing director of the fund. Labenbacher has
previously worked for Fidor Bank and Western Union. David Brear, a former
director for consultancy Gartner, will serve as a lead partner for the fund.
The
fund is aiming to raise capital from mid-size banks, a process for which
Skinner told Financial News would include providing consulting
services and research aid to participating banks.
"We will also provide the banks with research outputs and
consulting based on the knowledge gathered from the firms we invest in,"
he said.
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