Benson Oak Raising $100 Million for Blockchain-Focused Fund | Crypto News
According to a report from Israeli media outlet Calcalistech on Sunday, the new investment arm, called Benson Oak Ventures, has already secured $25 million and aims to reach the goal of $100 million by the end of this year.
The new venture’s capital will come from private investors and family offices, excluding institutional investors, the report said. With a focus on seed-stage blockchain and consumer-facing startups, Benson Oak said in the report it anticipates to release the names of two portfolio companies in the coming days.
According to Benson Oak Ventures’ website, the fund will be interested in blockchain startups which can offer consumer products or create a platform that enables community growth, in an effort to boost blockchain’s use at a consumer level.
Currently several ongoing blockchain application initiatives in Israel are mostly taken by large financial institutions that focus more on a business-to-business setting.
As previously reported by CoinDesk, Bank Hapoalim, Israel’s largest bank, is working with Microsoft to develop a blockchain-based platform for creating digital bank guarantees.
Meanwhile, the Tel Aviv Stock Exchange (TASE) is also teaming up with Accenture to build a blockchain securities lending platform aimed to allow direct lending of all financial instruments.
Israeli shekels image via Shutterstock