A British author and a Singapore venture capital firm have formed a $5 million investment fund to help banks partner with startup companies in the blockchain industry.

The Banking on Blockchain Fund will provide early-stage funding for European blockchain startups that specifically target banks. The fund aims to help investors differentiate between startups that pitch similar blockchain technologies for similar uses, such as digital identities, asset tracking, smart contracts, clearing and settlement, and payments.

The fund hopes to increase its capital base to $50 million by the end of the year and reach $100 million by 2017. The fund is jointly managed by Chris Skinner, a British author and fintech expert, and Life.SREDA in Singapore.

Funding for blockchain startups has grown to at least $1 billion this year, four times greater than in 2015, and is expected to continue growing though 2020, according to the Banking on Blockchain Fund.

Managers of the Banking on Blockchain Fund will provide advice and investment analytics to the startups in its portfolio.