SkyBridge Capital Draws $100M For Algorand Fund, Plans To Launch Crypto ETF

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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.

Mike Litvinov
Mike Litvinov
Mike is our project manager who ensures everything is up to date on crypto update without fail every single day and every single time. He believes if he had not gotten into the analytics and management he would have had his ice-cream parlour where he would sell all flavours butterscotch at discounts higher than most token pre-sales can offer.

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