Benson Oak, an investment bank that currently has over $5 billion under management, announced that it would set up a fund that would focus specifically on Israel’s booming technology market, which has taken the name of the Silicon Wadi.
The investment fund, known as Benson Oak Ventures, has already put aside $25 million and promises to expand to $100 million in the future. This money will be used to invest in promising ventures, particularly in the blockchain sector.
“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. 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,” said Robert Cohen, managing partner.
Benson Oak has a track record of investing in technologies that hold plenty of promise. Its first fund in this sector included an investment for AVG, the widely-known internet cybersecurity company.
Once it went public and listed on the New York Stock Exchange, its value increased to $1 billion, giving Benson Oak a return on investment of 100 times, or 10,000%.
At this moment, investing in Israeli blockchain companies might be a bullish prospect, as the industry continues to grow in the country at such a rate that even politicians in the country are touting its potential for transparency of governance.
Even the country’s prime minister, Benjamin Netanyahu, believes that Bitcoin (or, through inference, other blockchain projects) may have the ability to transform or even subvert traditional banking systems.
“Is the fate of banks that they will eventually disappear? Yes. The answer is yes. Does it need to happen tomorrow? And do we need to do it through Bitcoin? That’s a question mark,” he said during a press conference.
The country has the infrastructure to develop interesting blockchain projects. With Benson Oak’s new fund, several smaller startups may even have the capital for it.
This article appeared first on Cryptovest
