The investment firm SkyBridge Capital seeks to raise up to 250 million USD for the development of decentralized applications on Algorand.
JUST IN: @SkyBridge announced a new $250M fund to accelerate #dApp growth on Algorand! Focusing on new financial applications across North America and the Middle East, this initiative will unlock a new wave of #DeFi applications on Algorand 👉 https://t.co/bQBRRiOaQb pic.twitter.com/JDvRKvr8s1
— Algorand (@Algorand) September 13, 2021
Now over 700 million USD exposure to Crypto
SkyBridge founder Anthony Scaramucci confirmed his investment in the Algorand Fund in an interview with CNBC. By his account, SkyBridge now holds about 700 million USD worth of crypto assets.
The investment firm also filed for a crypto-focused ETF. The First Trust SkyBridge Crypto Industry and Digital Economy ETF does not seek direct exposure to crypto assets though, investing into leading crypto infrastructure projects instead.
Algorand launches two Funds in one Month
The SkyBridge fund for Algorand was created in partnership with the infrastructure project NAX. Its first funding round is capped at 250 million USD, of which 100 million USD are contributed by SkyBridge.
Earlier this month, another DeFi-centric fund was launched under the name Viridis with an initial contribution of 150 million ALGO (~300 million USD) from treasury funds. The first two problems the fund seeks to solve for the Algorand ecosystem is the need for an Oracle solution and a cross-chain bridge. Both ventures are subsidized with a grant of 5 million USD each.