Blockchain Investment Fund Seeks $100 Million from Major Banks

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 firm Life.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.

Image via Shutterstock