Algorand Partners With Former Citi Banker, As He Launches a $1.5B Crypto Fund

0
82
Algorand Partners With Former Citi Banker, As He Launches a $1.5B Crypto Fund
Algorand Partners With Former Citi Banker, As He Launches a $1.5B Crypto Fund

The crypto industry continues to attract billionaires, politicians, Government and even top talent on Wall Street. Matt Zhang, a Wall Street veteran with more than 14 years of experience is the newest to join the crypto space.

Algorand Unveiled As the First Hivemind Capital Partners

According to a report on November 29, the former Citi executive Matt Zhang unveiled Hivemind Capital Partners, a $1.5 billion multi-strategy fund designed to run promising cryptocurrency games and “institutionalize cryptocurrency investments.” The fund will prioritize projects that focus on building crypto infrastructures, virtual worlds and programmable currencies and trade in digital assets as part of its fundamental strategy.

Hivemind’s first technology partner is Algorand, a proof-of-stake agreement that is increasingly focused on creating infrastructure for the global financial industry. According to Coingecko, Algorand is the top 20 blockchain project with a total market value of $11.2 billion in its native ALGO token.

Matt Zhang Called Blockchain Technology a Paradigm Shift

Calling blockchain technology a “paradigm shift,” Zhang stated that his company will provide crypto entrepreneurs with infrastructure support that is not currently available in traditional asset management models. However, the company has not announced any major funding.

This year, venture capital flooded the cryptocurrency industry, with large funds raising billions of dollars to promising startups. Successive rounds of funding have spawned at least a dozen crypto unicorns, a term used to describe startups worth $1 billion or more.

Zhang’s Hivemind is one of the few billion-dollar crypto funds. In a previous report, Silicon Valley venture capital company Andreessen Horowitz launched a $2.2 billion crypto fund in June, the largest at the time. In November, crypto investment firm Paradigm announced a $2.5 billion investment portfolio dedicated to crypto companies.