The adoption of both cryptocurrency and blockchain technology generally continues to rise rapidly. More companies are becoming interested in trying to get a piece of the market share. Financial institutions are also not being left behind as they are also increasingly investing in the sector.

A Czech Republic investment bank, Benson Oak, has become the latest to report its intention to enter the blockchain market. It plans to raise $100 million to unveil a venture capital fund. It intends to invest the funds in blockchain startups based in the Israeli market.

The investment arm of the Czech based bank, Benson Oak Ventures, is said to have already raised $25 million. The investment arm is optimistic it will have secured the remaining $75 million by the close of this year.

Invest in blockchain startups

Benson Oak Ventures aims to invest the funds in blockchain based startups, initially as seed money. However, it will continue to invest in the firms as they grow. They are targeting blockchain startups that provide products for consumers or those that develop a system that encourages community growth.

A founding partner of Benson Oak, Robert Cohen stated that he and his other partners are committed to offering assistance in business development in the firms that they will choose to invest in.

This will be a new kind of initiative in Israel. This is because such projects are mainly being funded by institutional investors who target a business to business kind of setting. The Venture Capital firm stated that it will be unveiling the names of two holding companies over the next few days.

Institutional investors excluded

The investment firm is not interested in institutional investors, as it is focusing on family offices and private investors. The investors who are mainly from the U.S and Europe have been investing through Benson Oak for some time.

Benson Oak’s fund was started in 2003. It invested in an internet security company, AVG which was its first investment in a technology-based company.

Since then, the firm’s investment department has raised three separate investment capital funds. However, this will be the first time it raises more than $25 million.