Private equity firm BnL Growth Partners has joined a multi-million dollar fund to facilitate blockchain advances for smaller finance institutions in Europe.
Also read: Blockchain Investment Off To A Slow Start In 2016
BB Fund is a ‘Huge Opportunity’
BnL, formed by ex-specialists from tech giant IND Group, will administer the Banking On the Blockchain (BB) Fund as “lead partner” along with the fund’s creator, Singapore-based venture capital outfit Life.Sreda.
The BB Fund is set to raise $50 million USD by the end of 2016, with another $50 million due in the first half of next year. Fintech consultant Chris Skinner, the original creator of the BB Fund, said in a press release that the opportunities afforded by BnL will allow smaller European banks in particular a new channel to take advantage of blockchain tech.
With the blockchain space dominated by large global banks and VC firms, we see our partnership with BnL Growth Partners as a huge opportunity to provide a channel for banks in the [Central and Eastern European] region through which they can gain exposure to the rapidly-growing blockchain space.
BnL itself said it sees potential in the zone which is