An alternative investments firm SkyBridge capital has confirmed to invest over $100 million in a dedicated Algorand Fund. The alternative investment giant has also revealed plans to launch a crypto-focused exchange-traded fund (ETF).
The company made its plans public during the SALT conference in New York. SkyBridge founder and former White House Communications Director Anthony Scaramucci said in a statement to CNBC that they have already raised $100 million to invest in an Algorand fund. SkyBridge chief also confirmed that they currently hold over $700 million worth of cryptocurrency.
He also expressed confidence in the future of cryptocurrencies and decentralized assets and said that they are there to stay. “This is a lot like Uber — the regulators wanted to knock Uber out of business, but the people wanted Uber and the people won,” Scaramucci said.
“Before long, there will be 200 million [crypto] users in the United States,” he added.
Commenting on US SEC chief, Gary Gensler’s attitude towards cryptocurrencies he said: “He’s got a lot of people in Congress that don’t fully understand it. There’s a lot of negativity. I would implore people like Senator Elizabeth Warren to come to a conference like this and sit with people in the industry so she can understand what the protocols actually are […] I think we’ve got to get everybody up the curve in terms of education.”
The investment giant also revealed plans to launch a crypto-focussed ETF. SkyBridge has already filed the same with the US SEC. Upon approval, SkyBridge would have a first of its kind unique ETF.