Three analysts have resigned from a $6.3 trillion global investment company, BlackRock to form their own $20 million venture capital fund, Eterna Capital that will focus on Blockchain technology projects. The Eterna Capital intends to focus on attracting the institutional investors, particularly in the financial sector.

Eterna Capital, under the leadership of Andrea Bonaceto, will utilize the funds in developing blockchain solutions, which is derived from the global UN Sustainable Development Goals to tackle challenges in critical areas such as hunger and poverty alleviation, provision of clean water, and affordable clean energy.

In 2014, Bonaceto developed an online recruitment platform, HiredGrad, and has established several innovative products including the previous launch of a successful capital fund last month. He is currently in partnership with Nassim Olive, Asim Ahmad, and Mattia Mrvosevic, all former BlackRock employees.

According to Binaceto, most third world countries have limited financial institutions such as a bank hence accessing funds like loans is a bit challenging since most people live in poverty-stricken areas. But with blockchain technology, people can easily get loans and share the solar power with neighbors, which will reduce the reliance on a central energy firm.

A Focus On Innovative Blockchain-Based Solutions

According to Olive, while working at BlackRock, most insurance firms assured him of the potential interest in blockchain technology though giant investors are concerned with investing directly into the market, which is still regarded small and uncertain. Last year, Bitcoin (BTC) price increased drastically and this year, blockchain and cryptocurrencies are expected to rise as the institutional money occupies the market.

When asked why they are leaving BlackRock, Ahmad stated that the decision to quit BlackRock and establish their own firm is basically to grab the opportunity of focusing exclusively on blockchain-based innovative solutions that will help in tackling real problems in the world. Previous research shows that most employees are leaving traditional finance sector to join or launch entities that focus on blockchain technology or cryptocurrencies. Most people want to involve themselves in risky ventures that make them think thoroughly.

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