Matt Zhang launches £1B crypto fund

Tue 30 Nov 2021 ▪ 12h04 ▪ 3 min read — by Susan McCormack

Former Citi Bank top manager Matt Zhang together with the Algorand project launched a £1 billion fund for blockchain and crypto startups development. Apart from investing in crypto companies, Hivemind Capital Partners will trade digital assets and work with the Play-to-Earn concept.

Hivemind plans to invest in four crypto sectors

Matt Zhang, a Wall Street veteran with 14 years of experience in the financial sector, announced the launch of the Hivemind Capital Partners venture fund headquartered in New York. Priority will be given to projects focused on creating “programmable money” as well as on developing the metaverse, virtual worlds and blockchain-based play-to-earn (P2E) gaming projects.

The fund’s first technology partner is Algorand, the platform designed for FutureFi that allows users to develop secure, scalable payment infrastructures and financial applications. Zhang stressed that when choosing a partner, it was crucial for him that the project provided an opportunity for large companies and corporations to become part of a decentralised economy. Hivemind is also negotiating with other leading cryptocurrency projects.

“We believe that blockchain technology is a paradigm shift and we are still in the early stages. Our mission is to provide end-to-end capital and infrastructure solutions to visionary entrepreneurs and category-defining crypto projects. With Algorand as our first strategic partner, we have a very exciting roadmap in our strategy of playing to win from the beginning and beyond,” Hivemind’s founder said.

Crypto funds are gaining momentum

In June, the venture investment company Andreessen Horowitz launched a £1.65 billion cryptocurrency fund for developing crypto startups. In October, Binance announced it was opening a £750 million fund for educational programs and new projects based on the Binance Smart Chain blockchain.

In November, Pantera Capital raised £450 million in a new crypto fund. The company expects the funds raised in the fourth fund to grow up to £750 million by March 2022.

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Susan McCormack

How many crypto nerds does it take to fork an altcoin? I may be a failed comedian, but crypto is no joke! I want to share my knowledge and help others to see the bright future ahead. #buybitcoin

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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