A “wolf” from Wall Street with more than 14 years of expertise has reportedly rolled out a new venture fund, catering to crypto and blockchain startups.
Specifically, former Citi executive Matt Zhang reportedly disclosed details of Hivemind Capital Partners – a $1.5 billion multi-strategy fund built with a target of bootstrapping promising crypto plays and “institutionalize crypto investing.”
The fund will reportedly make initiatives working primarily with designing crypto infrastructure, virtual worlds, and programmable money a priority, and will further trade digital assets as included in the scope of its underlying strategy.
Hivemind’s first technology partner will reportedly be Algorand, a proof-of-stake protocol which is having a rising concentration on developing infrastructure for the international financial sector.
Algorand has reportedly been having a spot in the list of top 20 blockchain initiatives, with the valuation of its native ALGO token at $11.2 billion in total market capitalization, per insights from Coingecko.
Zhang reportedly mentioned blockchain as a “paradigm shift” and claimed that his company will offer crypto entrepreneurs the infrastructure support – at the moment not accessible across traditional asset management models.
Nonetheless, the firm has reportedly not made any official announcement regarding significant fundings.
The crypto sphere has reportedly witnessed a major inflow of venture capital in 2021, with major funds dedicating billions of dollars towards promising startups. Successive funding rounds have led to the creation of a minimum of a dozen crypto unicorns – a definition regarded to startups with a valuation of $1 billion or more.
