Former Citibank Trading Executive Floats $1.5 Billion Crypto Fund
Matt Zhang, a former trading executive at the multinational financial institution Citibank has launched the Hivemind Capital Partners to back unique and innovative startups or protocols in the digital currency ecosystem.
Hivemind Capital’s Targets
Hivemind unveiled the inaugural sum of $1.5 billion to invest in crypto companies, digital trade assets and feature a first-of-its-kind, dedicated “play-to-earn strategy” in the gaming space. The first tranche of the funding, according to the firm, will be deployed to verticals, including crypto infrastructure, blockchain protocols, open internet, programmable money, and virtual world.
“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,” said Matt Zhang, Founder and Managing Partner of Hivemind.
"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."
The venture fund said it has inked Algorand as its first technology partner, reiterating its intention to extend the partnerships to other layer-1 blockchain networks. Zhang’s 14-years of experience in the banking industry will be deployed in carving out an exceptional operational performance for the fund’s investors.
Increasing Venture Funding Pouring into the Crypto Industry
The launch of the Hivemind Capital crypto fund is not an uncommon push by mainstream investors to gain a closer and more direct appreciation of the growing digital currency industry. As early as June this year, popular venture capital company Andreessen Horowitz (a16z) floated a $2.2 billion dedicated to the digital currency ecosystem.
A number of venture capitalists have also been backing crypto startups, all in a bid to catch on to the growth of the fast-growing industry.
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