According to recent reports, it seems like a new fintech consultancy firm is trying to raise a total of $50 million to invest in blockchain-based startups that strive to bring the technology over to the baking industry.

So far, 11FS, the company in question, has managed to raise $5 million following a seed funding round from a Singapore venture capital, known by the name of Life.SREDA. At this moment in time, its goal is to raise a total of $50 million as soon as possible, with help from venture investors, banks and technology firms. However, the company’s ambitious goals do not stop here, as they hope that the fund will reach $100 million by the end of this year.

The fund, which will be based in London, will focus its investment efforts around Europe, especially in companies that bring in new blockchain-based tech that can be applied to the banking sector. Together with this, 11FS will also provide consultancy services alongside with a database fulfilled with industry benchmarks that can be used to make advancements in blockchain technology, and bring it to the masses.

In a recent press statement, David M. Brear, the co-founder of 11FS said that:  “A lot of people have interests in this but there are a lot of banks that are spending a lot of money without really knowing that they’re doing. Nobody really has the answer. Most suppliers are only one or two steps ahead of clients (…)”We’ve been inundated with people getting in touch. It really has caught people’s imagination. “

Based on everything that has been outlined so far, what do you personally think about 11FS’s plans to raise $50 million? Let us know your thoughts in the comment section below.

If you liked this article follow us on Twitter@themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.