Scaramucci’s Skybridge Accelerates Transition To Crypto With Blockchain Partnership

Scaramucci's Skybridge Accelerates Transition To Crypto With Blockchain Partnership

Anthony Scaramucci, founder of Skybridge Capital II LLC, speaks during the Toronto World Forum of the International Economic Forum of the Americas (IEFA) on September 6, 2019 in Toronto, Ontario, Canada.

Cole Burston | Bloomberg | Getty Images

Anthony Scaramucci of Skybridge Capital continued his company’s foray into the cryptocurrency world, announcing a partnership on Monday to expand into the blockchain world.

The hedge fund joins the NAX trading platform in a series of fundraising efforts, the first of which will aim to raise up to $ 250 million.

Using a fund that will be known as UNLOX, with Scaramucci as chairman, the group will focus on various decentralized funding efforts involving digital currencies such as bitcoin. Blockchain is the database infrastructure around which the cryptocurrency world is built.

UNLOX will target institutions that will use the blockchain to secure assets such as real estate, corporate securities, and venture capital. The group will also target the nascent push towards non-fungible tokens and other alternative assets.

Algorand’s blockchain operation will be the crypto base of the partnership, while NAX will provide commercial support and Skybridge will be the institutional base of the fund. Algorand uses what he describes as a “carbon negative” operation, which is different from most of the crypto industry, which consumes a lot of power due to the sophisticated computer networks required.

NAX CEO Jeff Schumacher described Algorand’s “high-performance, feature-rich platform” as ideal for the business.

Scaramucci’s Skybridge was one of the first hedge funds to switch to bitcoin. The company also owns a stake in Ethereum.

“Algorand is going to be a winner by creating the backbone of what institutions need and what financial services companies need,” said Scaramucci.

An official announcement on the initiative will take place Monday morning at Skybridge’s SALT conference, which will be held in New York for the first time.

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