SkyBridge, Algorand, and NAX collaborated to launch $250mn Fund

The latest fund will help enhance the Blockchain world and boost its adoption
  • SkyBridge has partnered with NAX trading platform and Algorand to launch $250 million fund
  • The fund will be entitled UNLOX, and Anthony Scaramucci will be its chairman
  • UNLOX will help boost the adoption and usability of blockchain among institutions
  • UNLOX will also get into the NFTs ecosystem

SkyBridge is a hedge fund manager, founded by Anthony Scaramucci. Nowadays it seems like the firm is rapidly joining the cryptosphere. While stepping up towards the blockchain world, Anthony Scaramucci announced partnerships that aim to expand into the blockchain ecosystem. Notably, the firm joined NAX, a trading platform, and Algorand blockchain to enhance the usage of the potential blockchain technology. Moreover, it is revealed that the firm seeks $250 million worth of funds in the first seed round.

SkyBridge intends to double down its crypto endeavors

Anthony Scaramucci’s hedge fund is intending to double down its crypto initiatives. With the partnership with the trading firm NAX and Algorand, the firm is planning to raise a quarter of a billion dollars. According to the recent announcement, the funds will boost blockchain usage and adoption among institutions. Notably, $250 million will be raised in a series of capital raising rounds.

UNLOX will focus on numerous DeFi endeavors

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The raised funds will be used to create a fund entitled “UNLOX”. As per the plans of SkyBridge, its co-founder and CEO, Anthony Scaramucci will serve as the chairman of the fund. The recent report published by CNBC revealed that the firm will focus on numerous decentralized finance (DeFi) initiatives. Moreover, UNLOX will also help promote blockchain technology and share its merits with institutions. Ultimately, UNLOX will enhance blockchain engagement and usage.

Furthermore, the upcoming fund will present institutional investors with assets performing on the distributed ledger technology (DLT). Such assets include property, corporate securities, and venture capital. 

UNLOX will also enter the NFTs industry

While moving on the paved path, the upcoming fund also has plans to enter the world of Non-Fungible Tokens (NFTs). While entering the NFT market the popular blockchain project Algorand will also incorporate. Indeed, Algorand will act as the cryptocurrency base for the entire operation. According to Anthony Scaramucci, the blockchain ecosystem is going to be the winner in creating the backbone for what institutions require. He also cited that the backbone is a need of financial services companies.

Since late 2020, SkyBridge and Scaramucci have been highly bullish towards the cryptosphere. Scaramucci, who is also the former white house director of Communications, has praised Bitcoin, Ethereum, and virtual currencies, while the organization rolled out a BTC-based fund.

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