A Wall Street veteran with over 14 years of experience has launched a new venture fund dedicated to cryptocurrency and blockchain startups. This provides further evidence that smart money investors are turning to the emerging world of digital assets. The fund’s first technology partner was Algorand, among the popular altcoin ALGO. cryptocoin.com We share the details as…
Significant partnership for popular altcoin Algorand
On Monday, former Citi executive Matt Zhang introduced Hivemind Capital Partners, a $1.5 billion multi-strategy fund designed to launch promising crypto plans and “institutionalize crypto investment.” The fund will prioritize projects focused on crypto infrastructure, virtual worlds and programmable money creation, while also trading cryptocurrencies as part of its core strategy.
Hivemind’s first technology partner was Algorand, a proof-of-stake protocol that is increasingly focused on building infrastructure for the global financial industry. According to Coinecko, Algorand is one of the top 20 Blockchain projects with the native ALGO token valued at $11.2 billion in total market cap. The price of ALGO rose from around $1.70 to $1.84 as a result of the latest announcements. At the time of writing, it’s changing hands at $1.78.
Zhang described blockchain technology as a “paradigm shift” and said his firm will provide crypto entrepreneurs with infrastructure support not currently available in traditional asset management models. However, the company has yet to announce any major funding.
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