11FS seeks $50M blockchain fund

11FS is trying to raise a total of $50 million to invest in startups bringing blockchain technology to banking.

So far, the company has managed to raise $5 million following a seed funding round from a Singapore venture capital, known by the name of Life.SREDA. At this moment in time, its goal is to raise a total of $50 million as soon as possible, with help from venture investors, banks and technology firms. However, the company’s ambitious goals do not stop here, as they hope that the fund will reach $100 million by the end of this year.

The fund will be based in London and invest in blockchain startups across Europe, who aim at implementing the technology in the banking sector. Banks world over are increasingly taking interest in blockchain technology as they are keen to create a similar network that can transform settlement and international payments.

“A lot of people have interests in this but there are a lot of banks that are spending a lot of money without really knowing that they’re doing. Nobody really has the answer. Most suppliers are only one or two steps ahead of clients,” 11FS co-founder David M. Brear.

11FS is a fintech consultancy firm.