A Wall Street veteran with over 14 years of experience has formed a new venture fund dedicated to cryptocurrency and blockchain firms, demonstrating that smart money investors are shifting their focus to the nascent digital asset market. The crypto economy continues to attract top Wall Street expertise. Matt Zhang is the latest industry veteran to leave the company.
Former Citi banker launches $1.5 billion crypto fund
Hivemind Capital Partners, a $1.5 billion multi-strategy fund founded by former Citi executive Matt Zhang, aims to “institutionalize crypto investing” by bootstrapping promising crypto plays. The fund will prioritize crypto infrastructure, virtual worlds, and programmable money initiatives, as well as trading digital assets as part of its overall strategy.
ALGO’s surge to a new all-time high is fueled by institutional investment, new governance features, and a landmark partnership with the government of El Salvador.
When it comes to having a successful blockchain project, real-world acceptance is everything, and Algorand (ALGO), a pure proof-of-stake protocol striving to become the go-to base layer for the global financial industry, has benefited from a recent surge in engagement.
Algorand, a proof-of-stake protocol that is increasingly focused on developing infrastructure for the global financial industry, is Hivemind’s first technological partner.
Zhang called blockchain technology a “paradigm shift” and said his company will provide infrastructure support to crypto entrepreneurs that are now unavailable in traditional asset management models. However, no big funding has been announced by the company.
This year, the cryptocurrency business has been saturated with venture money, with large funds contributing billions of dollars to promising startups. At least a dozen crypto unicorns have been born as a result of successive investment rounds, a phrase used to identify firms valued at $1 billion or more.
Andreessen Horowitz is launching a new crypto-focused fund aimed towards increasing the size and marketability of blockchain initiatives, demonstrating that venture capitalists believe in digital assets’ long-term viability.
Andreessen Horowitz general partners Chris Dixon and Katie Haun announced Crypto Fund III, a $2.2-billion venture fund, on Thursday morning. The fund will be used to support Bitcoin networks and teams working to build a new decentralized economy.
“This fund allows us to find the next generation of visionary crypto founders, and invest in the most exciting areas of crypto,” Andreessen Horowitz said. “We invest in all stages, from early seed-stage projects to fully developed later-stage networks.”
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