Skybridge is partnering with trading platforms NAX and Algorand for the fund.

Skybridge Capital, Anthony Scaramucci’s New York-based investment firm and hedge fund, plans to make a foray into blockchain in partnership with the NAX trading platform to raise up to $250 million for a fund based on the Algorand blockchain. (CNBC)

The UNLOX Fund

The fund, to be named UNLOX, will invest in opportunities in the DEFI (decentralized finance) world such as organizations that use the blockchain to securitize assets including property, corporate securities, and venture capital.

The fund will be chaired by Scaramucci, and will also look at non-fungible tokens (NFTs) and other alternative assets.

Algorand: The underlying blockchain

Algorand, the blockchain network founded by MIT professor and cryptocurrency pioneer Silvio Micali, would be the blockchain of choice for the partnership.

The Algorand blockchain accelerates the convergence between decentralized and traditional finance by enabling the simple creation of next-generation financial products, protocols, and exchange of value.

Algorand is being used as the basis for cutting-edge projects, such as central bank digital currencies and non-fungible tokens. In April, the company and ClimateTrade announced a partnership to achieve a “carbon-negative” network – in contrast to the energy-intensive proof-of-work procedure required by other blockchains.

“Algorand is going to be the winner in building the backbone for what institutions need and financial services companies need,” Scaramucci said.

SALT Conference

Later, on Monday, at the SALT conference in New York, Scaramucci revealed that Skybridge had already raised $100 million towards the newly-announced Algorand Fund.

“Crypto is here to stay,” Scaramucci said. “If the regulators are going to regulate it, they’ve got to do it very very quickly because before long there will be 200 million users in the United States.”

Osprey Funds

In June, Digital asset management firm Osprey Funds launched the Osprey Algorand Trust, which offers accredited investors an easy and cost-effective way to obtain exposure to ALGO, the native token of the Algorand network.

Coinbase (NASDAQ: COIN) is the custodian for the fund. Accredited investors can invest in it with a minimum of $ 25,000. The private placement investment requires no wallets or keys and provides direct ownership of ALGO tokens.

No management fee will apply for all investors until at least January 1, 2023. Thereafter, the fee shall be 2.50% unless waived by the fund.

At the time of writing, ALGO is trading at $1.94, according to CoinMarketCap.

Related Story: Osprey Launches Investment Vehicle For The Algorand Blockchain