Partnership between Former Wall Street Banker and Ethereum Competitor for $1,500,000,000 Crypto Fund

A partnership of $1.5billion between a leading layer 1 altcoin project and former Citigroup executive has completely shaken up the crypto investment space. 

Matt Zhang is the former Citigroup executive and a Wall Street veteran, having 14 year Citigroup experience. Zhang is also the founder of an investment firm, “Hivemind Capitals Partners”. In a press release, Zhang announced that the main objective of their investment firm is to provide solutions to early blockchain entrepreneurs by developing a new “tailor-made crypto investment platform”. 

The investment firm believes that even though blockchain technology is in its early stages but is the new tomorrow. The objective of the Investment firm is to provide complete capital and infrastructure solutions to category-defining crypto projects and entrepreneurs who are visionary. 

The reason for building a tailor-made crypto investment platform as stated by the firm is because the traditional asset management model is incapable of fulfilling the objectives of “Hivemind Capitals Partners”. The new investment platform developed will not only fulfill all the objectives of the firm but is also expected to offer infrastructure institutional investors need for security, risk management and compliance.    

A strategic partnership is seemed to be developed between Hivemind and payments and decentralized finance (DeFi) – focused blockchain Algorand (ALGO) to provide network ecosystem infrastructure and technology competency.  

Zhang has also indicated that Hivemind is in talks with several other layer 1 blockchains for partnership. As per Zhang, “Hivemind is in talks with a number of leading layer-1 networks for partnership. The objective of doing so is to develop a multi-chain world that will allow the investors to explore all the opportunities present across the entire crypto ecosystem”. 

As on 29th Nov 2021, Algo was trading at $1.82 and is up by 12%. Lately many large investors such as Anthony Scaramucci, an American financier has also shown interest in payments blockchain.    

Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investmenting.

Photo by – AaronJOlson on Pixabay