Sberbank-Backed FinTech Investment Fund Sees Blockchain Potential

Mircea MihaescuSBT Venture Capital, a $100m venture fund backed by Sberbank, the largest Russian bank, has suggested it is interested in bitcoin and blockchain innovations.

The statements, issued by SBT partner Mircea Mihaescu to online news source, stand in contrast to continued suggestions by government officials that the use of bitcoin will be formally outlawed this spring.

In the interview, Mihaescu was largely dismissive of legislation and regulation in general, stating his belief that laws often lag behind innovation, and as such, perhaps shouldn’t be a key concern for global entrepreneurs.

Still, Mihaescu suggested that SBT is interested in investments that impact the larger financial space, stating:

“We have our own interests here. We are not interested in stocks investments funds, buying bitcoins, etc. Rather we’re interested in fundamental changes that will affect the whole financial sector.”

Mihaescu went on to suggest he sees bitcoin’s open ledger as an innovation that could have such an impact.

“The current system where 10,000 banks are used to transfer funds can be replaced by the blockchain,” he noted.

SBT was launched in 2012 with $100m in backing, though it was said that this figure could

Read more ... source: CoinDesk