Algorand to be first partner of former Citigroup exec’s $1.5bn crypto fund

This is big.. new fund aims at in bringing institutional investors in the crypto space.

https://coinrivet.com/algorand-to-be-first-partner-of-former-citi-execs-1-5bn-crypto-fund/

Matt Zhang – former Head of Structured Products at Citigroup – has revealed that Algorand (ALGO) will deploy the technology underpinning cutting-edge $1.5 billion crypto investment fund Hivemind Capital.

“We believe that Algorand is the preeminent blockchain protocol that allows institutional and corporate users to connect with the decentralised economy,” added Zhang.

ALGO is a strong choice for the venture fund. Algorand was designed by Italian computer scientist and MIT professor Silvio Micali to tackle the major challenge of creating a high speed and highly scalable blockchain without suffering weakened decentralisation.

Algorand has been chosen as the first named partner of the start-up, and will build-out the underlying infrastructure necessary for the fund to deploy its whopping $1.5bn capital in verticals such as blockchain protocols, open internet, metaverses and programmable money.

Pretty neat. Disclaimer: this is not financial advice, I am not a financial advisor. Just have a nice little bag of Algo.