The Israeli blockchain industry just received a large injection of funds.
Czech Republic-based investment banking firm Benson Oak announced Sunday the formation of Benson Oak Ventures, which is a fund put in place to specifically help Israelis develop blockchain startups.
According to local outlet The Jerusalem Post, Benson Oak Ventures has already secured $25 million and is seeking another $75 million.
Managing partner Robert Cohen has faith that Israel is the best place to start this kind of specialized fund and said, “I moved to Israel six years ago, and with a passion to build companies, I have established Benson Oak Ventures as a new platform to provide financial and operational capital to the best entrepreneurs in Israel and around the world.”
He went on to say:
“I believe that there are great entrepreneurs in Israel who are leading the platforms of the future, with creating and disruptive use of blockchain technologies.”
While it’s not clear when these funds will be available, or exactly who they are going to benefit, the fact that such a huge amount of money is being poured into the Israeli blockchain industry could be a sign of the nation’s ambitions for the technology.
The nation of Israel is impacting the crypto/blockchain ecosystem in many ways. In March of last year, ETHNews reported that the Israeli startup Bancor won first place at an international blockchain competition. And in January of this year, it was reported that the Israeli Bank Hapoalim was collaborating with the Israeli Aerospace industry to use blockchain technology to improve security in the banking sector.
Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.
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