After launching a bitcoin fund earlier this year, US-based investment firm SkyBridge Capital is continuing to expand its footprint in the crypto space.
According to a Monday announcement, SkyBridge which currently manages $7.3 billion worth of assets is partnering with blockchain project, Algorand. Algorand is a high-performance blockchain that uses the pure proof-of-stake (PPoS) protocol in contrast to other energy-consuming blockchain networks.
Partnering with SkyBridge in its new crypto-related move is trading platform, New Asset eXchange Inc. (NAX), both of whom will join hands in organizing a series of fundraising efforts.
The first of the series aims at bringing in up to $250 million for the Algorand blockchain project. The fundraising group, which will be known as UNLOX, will be led by Anthony Scaramucci, owner of SkyBridge Capital.
UNLOX will focus on a variety of decentralized finance efforts associated with cryptocurrencies such as Bitcoin. The goal of the group is to target financial institutions to use the Algorand blockchain to securitize their managed assets such as property, corporate securities, venture capital, non-Fungible Tokens (NFTs) and other alternative assets.
“Algorand is going to be the winner in building the backbone for what institutions and financial services companies need,” Scaramucci commented.
The Algorand blockchain project will be the crypto base for SkyBridge’s partnership with NAX, with the latter providing commercial support for the fund and the former being the institutional base for the fund.
Jeff Schumacher, the CEO of NAX, also commented on the partnership deal, terming Algorand as a venture-ideal “feature-rich, high-performance platform,” hence the reason he agreed to the partnership.
In a similar crypto-related development reported by Coinfomania earlier today, hedge fund manager Brevan Howard has launched a crypto-focused unit for the company, aiming to provide its investors with digital assets and cryptocurrency exposure.