Citi Veteran Announces $ 1.5 Billion Crypto Fund, Algorand Becomes a Good Partner

Founded by Citibank veteran Matt Zhang, Hivemind Capital Partners announced its first $ 1.5 billion venture capital fund to invest in the blockchain and wealth ecosystem. As part of the publication, Hivemind selected the Tier 1 Algorand Blockchain as a strategic partner to deliver the technology and infrastructure of the network ecosystem.

New York-based Hivemind plans to use his capital to invest in cryptocurrency companies and trade digital assets. This will include a division focused on sports and games, led by former Goldman Sachs analyst Sam Peurifoy. Other areas of interest for investing include cryptocurrency infrastructure, blockchain protocol, open internet, programmable currencies, and virtual worlds.

Zhang previously worked at Citibank for 14 years, most recently as Co-Director of the Structured Goods and Solutions Trading division.

“We believe that blockchain technology is a viable alternative and that it is still in its infancy. Our goal is to provide end-to-end resources and solutions to our customers. The markets are not visible and have a list of cryptocurrency programs. Zhang said in a news article. .

Regarding Peurifoy's appointment, Zhang said, “Sam brings a difference in deep understanding of competitive sports, community relations and a passion for sport and the meta world. Presents a way - an idea to earn success. "money playing. I think we can do something dangerous together," Zhang told CoinDesk in an email.

W. Sean Ford, Chief Operating Officer (COO) of Algorand, said in a statement: “The launch of venture capital Hivemind represents an exciting and new opportunity for large companies. industry. cash. "

Zhang told CoinDesk that the short-term investment programs will focus on recruiting. “We will make global self-government a reality with a strong focus on recruiting and growing our team,” said Zhang.

As the value of digital assets has recovered since the start of this year, revenues from cryptocurrencies have increased. Founded earlier this month by Coinbase co-founder Fred Ehrsam and former Sequoia partner Matt Huang, Paradigm announced a $ 2.5 billion cryptocurrency fund. This surpassed Andreessen Horowitz's $ 2.2 billion investment announced in June to become the largest investor in the cryptocurrency industry.