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Former Citi banker launches crypto fund worth billions: Algorand first major partner



A Wall Street veteran with more than 14 years of experience has launched a new venture fund specializing in cryptocurrency and blockchain startups. This proves once again that so-called smart money investors are becoming more and more interested in digital assets.


On Monday, former Citi executive Matt Zhang introduced Hivemind Capital Partners. This is a multi-strategy fund worth 1.5 billion US dollars, which is supposed to promote promising cryptocurrencies and "institutionalize crypto investments". The fund primarily wants to focus on projects that deal with building crypto infrastructure, virtual worlds and programmable money. As part of his strategy, he will also trade in digital assets.


Hivemind's first technology partner is Algorand, a proof-of-stake protocol that is increasingly focused on building infrastructure for the global financial industry. Algorand is in the top 20 coins by market capitalization. The native ALGO token has a total market capitalization of $ 11.2 billion, according to Coingecko.


Calling blockchain technology a "paradigm shift," Zhang said his company was providing crypto entrepreneurs with an infrastructure solution that is not currently available in traditional wealth management models. However, the company hasn't announced any major funding yet.


A lot of venture capital has flowed into the cryptocurrency industry this year . Large funds have invested billions of dollars in promising startups. At least a dozen crypto unicorns have emerged from many and frequent funding rounds . This term refers to startups that have valued at least $ 1 billion.


Hivemind is one of the few billion dollar crypto funds. As Cointelegraph reported, the venture capital firm Andreessen Horowitz launched a $ 2.2 billion crypto fund in June . That was the biggest of all at the time. In November , crypto investment firm Paradigm unveiled a $ 2.5 billion portfolio focused on crypto companies.

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