A former Citigroup executive is shaking up the crypto investment space with a $1.5 billion venture, partnering with a leading layer 1 altcoin project.
Hivemind Capital Partners is an investment firm founded by Matt Zhang, a 14-year Citigroup Inc veteran. In a press release, Zhang announces Hivemind’s mission to provide solutions to early blockchain entrepreneurs through the creation of a new “tailor-made crypto investment platform.”
“We believe blockchain technology is a paradigm shift, and we are still in the early innings. Our mission is to provide start-to-finish capital and infrastructure solutions to visionary entrepreneurs and category-defining crypto projects.
The traditional asset management model is not designed to do this, which is why we are building a tailor-made crypto investment platform from the ground up that also offers the infrastructure institutional investors need for risk management, compliance and security.”
Hivemind is partnering with payments and decentralized finance (DeFi)-focused blockchain Algorand (ALGO) as a “strategic partner to provide technology capability and network ecosystem infrastructure.”
“We believe that Algorand is the preeminent blockchain protocol that allows institutional and corporate users to connect with the decentralized economy. With the explosive growth of the digital asset space, people tend to forget how early the crypto economy still is. We want to team up with partners who have the patience to build an enduring business.”
However, Zhang notes that Hivemind is exploring partnerships with other layer 1 blockchains as the project progresses.
“We are also in active discussions to form partnerships with a number of other leading layer-1 networks. The goal is to build a multi-chain world to let our investors see the best opportunities across the entire crypto ecosystem.”
ALGO, trading at $1.82 at time of writing, is up nearly 12% on the day. The payments blockchain has interest from other large investors lately, including an endorsement from American financier Anthony Scaramucci last month.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
The post Former Wall Street Banker Partners With Ethereum Competitor for New $1,500,000,000 Crypto Fund appeared first on The Daily Hodl.
