Life.SREDA hopes to raise US $100 million from middle-size banks for blockchain development in banking by the end of 2017.
According to Financial News, Life.SREDA, an international fintech venture capital with offices in Moscow and Singapore, teamed up with financial technology expert Chris Skinner to develop blockchain startups. Blockchain Investment Fund hopes to raise US $50 million by the end of the year and additional US $50 million by the end of 2017, Life.SREDA having already invested US $5 million.
The managing board of the new fund includes also Thomas Labenbacher, previously employed by Fidor Bank and Western Union, who will serve as managing director. Gartner Consulting’s former director David Brear will join the fund as a lead partner.
Financial News reports that the new fund aims to encourage middle-size banks to become investors as it offers them consulting services and research support.
“We will also provide the banks with research outputs and consulting based on the knowledge gathered from the firms we invest in,” said Chris Skinner.
Life.SREDA was founded as a Russia-based fintech venture fund and, due to its focus on the Asian fintech sphere, moved to Singapore a year ago. In December 2014 Life.SREDA invested an undisclosed sum in Russian online banking startup Rocketbank, the latter being dubbed by Wired as one Europe's hottest startups for 2015. The list also includes Russian startup Knopka that helps its business clients to cope with routine affairs and supported by Life.SREDA as well. Life.SREDA’s investment portfolio includes fintech projects such as Simple, Moven, Fidor Russia, SumUp, Anthemis Group. The VC firm is also known for publishing the annual fintech research “Money of the Future.”