THELOGICALINDIAN - Recently there havebeen letters of a new fintech consultancy close that will be headquartered in London touting blockchain technology The abstract new aggregation alleged 11FS has reportedly aloft 5 actor USD in berry allotment already from the adventure basic operation LifeSREDA
Also read: Bitcoin: Money as a Bill of Rights?
11FS Seeks $100 Million USD by 2024
An commodity by Financial News aboriginal bankrupt the adventure of the company’s goals to accession an antecedent $50 actor USD from bequest institutions and venture basic firms by the end of the year. As able-bodied as the aboriginal proposed allotment goals the startup wants to accession a absolute of $100 actor by 2017. 11FS will apply on consultancy aural the European arena and advance blockchain industry standards and education.
11FS’ website currently says, “coming soon.”
Blockchain and distributed balance technology accept basically been a allurement appear investors back aboriginal 2015. The blockchain is best accepted as the technology powering the Bitcoin network, but abounding bodies accept they can accouter the technology after a token.
Distributed ledgers action faster adjustment speed, reduces amount and erases the charge for third affair arbitration. 11FS, or the “Banking on the Blockchain Fund,” was founded by fintech consultancy controlling Chris Skinner, Jason Bates of the startup Mondo, and David M. Brear Global Director of Digital Banking in Gartner. Brear tells Business Insider that the absorption in the technology is high, but bodies are not actuality accomplished enough. Brear explains:
With the $50 actor USD in capital, Brear says the armamentarium will “focus on bringing accuracy to banks with commendations to Blockchain development and will advance in aboriginal date Blockchain startups.” The co-founder additionally tells Business Insider that there has been absolutely a bit of absorption in the armamentarium so far. He tells the advertisement that there are currently ten solid use cases that will “impact” the abridgement a abundant deal. Brear says asset administration is big business, but there are additionally cogent highlights in the retail sector.
Chris Skinner has been alive as a freelance adviser back 2002 and has formed with firms such as Lloyds and UBS banking services. Skinner tells Financial News that “all banks” appetite to get advice on this new technology. He additionally states that the altercation is not so easy, cogent the publication, “The blockchain chat is appealing complicated. In banking services, there are bristles capital areas of aboriginal use cases: smart contracts; agenda identity; allowance and settlement; asset tracking; and accumulation alternation accounts and payments. There are at atomic 10 or 12 absorbing companies in anniversary of those aerial antecedence areas.”
Banks are gluttonous abstracts and analysis on broadcast balance technology in abundant number. 11FS wants to coach these acceptable banks on the tech that actual able-bodied could agitate the absolute banking industry. With behemothic institutions like Goldman Sachs and Bank of America looking to acquire the benefits, Skinner says 11FS will additionally focus on abate and midsize banks.
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Images address of Linkedin, 11FS website, and Pixabay.
