SkyBridge boosts Algorand to the tune of $ 100 million

Anthony Scaramucci’s SkyBridge is cheating on Bitcoin. The company, which owns $ 700 million in cryptocurrency, raises $ 100 million for an Algorand fund.

For the former White House communications director, Bitcoin is the go-to cryptocurrency. Its Skybridge Capital hedge fund can thus be considered a Bitcoin maximalist.

This is probably less true now. The company plans to diversify its crypto offer. Two recent announcements bear witness to this. First, Skybridge wants the approval of the SEC for an ETF (exchange-traded fund).

An ETF on the crypto ecosystem and not Bitcoin

The purpose of this ETF is not to gain direct exposure to crypto-assets however, such as Bitcoin or Ethereum ETFs. Skybride’s instrument will make it possible to invest in key players in the crypto ecosystem.

But the diversification initiated by Anthony Scaramucci also involves Algorand, a blockchain infrastructure whose adoption prospects are encouraging. The native token of the project has also recorded strong growth in recent weeks.

A week earlier, Algorand, the 17th largest cryptocurrency in terms of capitalization, jumped just over 100% within 36 hours. The explanation: the possible use of Algorand in parallel with the adoption of BTC in El Salvador.

Skybridge Capital is in any case not insensitive to the development prospects of the Algorand ecosystem. The firm announces in fact that it has raised more than $ 100 million through a new Algorand fund.

A fund to boost applications on Algorand

It should also be noted that Anthony Scaramucci is now at the head of an asset manager holding approximately $ 700 million in cryptocurrency. That’s little in comparison to Grayscale, but enough to stand out as a credible alternative.

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In partnership with the company NAX, the investor therefore plans to accelerate the application development decentralized to Algorand. Latin America and the Middle East will be the priority to grow this ecosystem.

To this end, SkyBridge, NAX and Algorand are therefore joining forces around a new entity, Unlox, under the direction of Scaramucci. This will orchestrate an infrastructure to launch DeFi projects, raise capital and offer institutions a platform to securitize their assets on the blockchain.

“This will include traditional financial services assets like real estate, corporate securities and venture capital, but also art, NFTs and other rare alternative assets. Algorand will be used as the protocol for this platform, with NAX providing the commercial infrastructure and SkyBridge providing the institutional infrastructure. ”

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