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Hivemind Capital also unveiled that it has tapped Layer-1 blockchain protocol, Algorand as its first technology partner.
Matt Zhang, the former head of structured products trading at Citigroup Inc (NYSE: C) has launched the Hivemind Capital Partners, an investment firm billed to back innovative crypto-focused protocols. As announced by the Hivemind venture fund, it has pulled its first $1.5 billion funding to invest in the fast-growing blockchain and digital asset ecosystem.
The engagement of the Hivemind Capital fund will be multifaceted and is billed to encompass investments in crypto companies, the trading of digital assets, and feature a first-of-its-kind, dedicated “play-to-earn strategy” in the gaming space. The Matt Zhang-led firm will deploy capital in verticals including crypto infrastructure, blockchain protocols, open internet, programmable money, and virtual world to mention a few.
Blockchain technology is just shy of a decade old, and despite the advances the tech has recorded within this time frame, many investors believe the entire industry is still in its infancy. Based on this, a number of mainstream investment companies are finding a linkage point to enter into the digital currency ecosystem, a development that has led to the flooding of the space with venture funding in the past year.
“We believe blockchain technology is a paradigm shift, and we are still in the early innings. Our mission is to provide start-to-finish capital and infrastructure solutions to visionary entrepreneurs and category-defining crypto projects,” said Matt Zhang, Founder and Managing Partner of Hivemind. “The traditional asset management model is not designed to do this, which is why we are building a tailor-made crypto investment platform from the ground up that also offers the infrastructure institutional investors need for risk management, compliance, and security.”
Zhang has about 14 years of experience leading investments for Citibank. His prowess and versatility are billed to find a true expression at Hivemind Capital Partners which is based at the financial epicenter of the world-New York.
Hivemind Capital Venture Fund and Algorand Partnership
Hivemind Capital also unveiled that it has tapped Layer-1 blockchain protocol, Algorand as its first technology partner. The choice of Algorand was hinged on its core focus of building the technology to power everything from the creator economy to the convergence of traditional and decentralized finance which aligns with the venture fund’s pursuits.
Since its inception, Algorand has expanded its ecosystem in no small measure. The protocol has not experienced a downtime despite massive pressure on its infrastructure, some of the qualities that make it the ideal protocol for new NFT, DeFi, and Web3.0 protocols looking for a blockchain network to pitch tents with.
“We believe that Algorand is the preeminent blockchain protocol that allows institutional and corporate users to connect with the decentralized economy. With the explosive growth of the digital asset space, people tend to forget how early the crypto economy still is. We want to team up with partners who have the patience to build an enduring business,” said Mr. Zhang. “We are also in active discussions to form partnerships with a number of other leading layer-1 networks. The goal is to build a multi-chain world to let our investors see the best opportunities across the entire crypto ecosystem.”
Hivemind has not unveiled the first protocols it will be backing with the funds yet.