Life.Sreda’s Banking on Blockchain Fund Seeks $50 Million by Q4 2016

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According to a report by Financial News, Singapore-based venture capital firm Life.Sreda has joined forces with fintech expert Chris Skinner to launch a venture fund that will invest in Blockchain startups.

The new venture fund called Banking on Blockchain Fund, has launched with an initial capital infusion of $5 million from Life.SREDA, but the near-term goal of the venture is to expand its capital base to $50 million by the end of 2016.

Skinner, who has advised large financial institutions like Lloyds on emerging technologies, clarified that the Banking on Blockchain Fund will ease investor fears by doing thorough due diligence on all fintech firms the fund invests in:

“We will also provide the banks with research outputs and consulting based on the knowledge gathered from the firms we invest in.” he said.

Thomas Labenbacher, who previously held an executive position at Fidor Bank – which currently works with the San Francisco-based Kraken digital currency exchange – has been appointed Managing Director of the new blockchain-focused fund.

The Life.SREDA fund also has many investments in various payment networks such as social network payment platform Fastacash, and Ayannah, a payment service for the unbanked in emerging markets.

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Founder of Blockchain News and The Hackitarians Foundation, Richard Kastelein is an award winning publisher and editor, hackathon organiser and entrepreneur. He has written over 700 articles at Blockchain News, has a massive network in the Blockchain arena and is available as a speaker and consultant. (richard@the-blockchain.com) Kastelein has spoken (keynotes & panels) on technology at events in Amsterdam, Barcelona, Belfast, Berlin, Brussels, Brighton, Copenhagen, Cannes, Cologne, Curacao, Frankfurt, Gdansk, Hollywood, Hilversum, Geneva, Groningen, London, Las Vegas, Leipzig, Madrid, Melbourne, NYC, Oxford, Rio de Janeiro, Sheffield, San Francisco, San Jose, Sydney, Tallinn, Vienna, and Zurich. A Creative Technologist & Canadian (Dutch/Irish/English/Métis) his career began in the Native Press (Canadian Arctic) and he later spent a decade in the Caribbean media. Currently, he writes occasionally for Wired Insights, Guardian & Virgin and his articles have been translated into Dutch, Greek, Polish, German & French.