The New York City-based global investment firm has intentions to double down on its cryptocurrency endeavors by partnering with a trading platform called NAX and Algorand to raise a quarter of a billion dollars to spread blockchain usability among institutions.
CNBC report outlined SkyBridge Capital’s latest endeavor in relation to the digital asset industry. The institution has joined forces with NAX to raise $250 million through a series of fundraising events.
The plan is to develop a fund called UNLOX, and the co-founder and CEO of SkyBridge – Anthony Scaramucci – will serve as chairman.
It will center on several decentralized finance (DeFi) endeavors. Also, it will promote blockchain and its advantages to institutions so as to increase their engagement and usage.
Most importantly, UNLOX will present institutional investors with assets operating on the distributed ledger technology (DLT) such as property, corporate securities, and venture capital.
Later on, the new organization intends to enter the non-fungible token (NFT) market. The partnership will also include the popular blockchain project Algorand, which will be the “crypto base” for the entire operation.
“Algorand is going to be the winner in building the backbone for what institutions need and financial services companies need.” – commented Scaramucci.
It’s worth noting that the Algorand Foundation recently launched a $300 million fund for protocols aiming to use its blockchain.
Scaramucci and his hedge fund have been highly bullish toward the cryptocurrency space since late 2020. The former White House Director of Communications has praised BTC, Ether, and other tokens, while his organization launched a Bitcoin-based fund.