Former top manager at Citi Bank and Algorand launch $ 1.5 billion cryptocurrency fund

Former Citi executive Matt Zhang has partnered with the Algorand project to launch a $ 1.5 billion fund to develop blockchain and cryptocurrency startups.

Wall Street veteran Matt Zhang with 14 years of experience in the financial sector
reported on the launch of Hivemind Capital Partners, a venture capital fund headquartered in New York. Priority will be given to projects focused on the creation of “programmable money”, the development of the metaverse, virtual worlds and blockchain-based games created according to the Play-to-Earn model.

The first technology partner of the fund will be the Algorand project, focused on creating infrastructure for the international financial industry. According to Zhang, when choosing a partner, it was important for him that the project would provide an opportunity for large companies and corporations to become part of a decentralized economy. Hivemind is also in talks with other leading cryptocurrency projects.

“We believe blockchain technology is revolutionizing any industry, so we intend to provide material assistance and infrastructure solutions for forward-thinking entrepreneurs. Given the ‘gaps’ in the traditional asset management model, we are building a dedicated platform for risk management, compliance and security from the ground up, ”said Hivemind founder Matt Zhang.

Recall that in June, Andreessen Horowitz, a venture capital firm, launched a $ 2.2 billion cryptocurrency fund to develop cryptocurrency startups. In October, the Binance marketplace also announced the creation of a $ 1 billion fund for educational programs and the development of new projects based on the Binance Smart Chain blockchain.