Scaramucci raises $100 million to invest in Algorand (ALGO) fund | CryptoSlate


Scaramucci raises $100 million to invest in Algorand (ALGO) fund | CryptoSlate

Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more.

Start Earning Interest

A few days ago, the Anthony Scaramucci-owned SkyBridge Capital announced at its annual SALT Conference that it had filed an application for a crypto-related exchange-traded fund (ETF) to expand its offerings. This did not come alone, as the announcement also contained the plan to start an Algorand fund capped at $250 million.

Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. As of press time, it is the 18th largest crypto asset by market cap and it is trading for $2.03.

How To Get Free Crypto  

Algorand fund for Scaramucci’s Skybridge

The founder of the firm, Anthony Scaramucci, who is also a former Whitehouse Communications Director, revealed in an interview with CNBC that $100 million had been raised for the recently announced Algorand Fund. He added that his firm’s investment in crypto is worth over $700 million, and it would still go further.

SkyBridge Capital became the latest firm to file a crypto-focused exchange-traded fund (ETF). The said ETF, First Trust SkyBridge Crypto Industry, and Digital Economy ETF would not have direct exposure to cryptocurrencies, as it would be investing about 80 percent of its portfolio in companies interacting with crypto directly.

This means the company has joined the long list of institutions whose exchange-traded fund applications are pending with the United States Securities Exchange Commission. Notably, the firm has had previous applications on both Bitcoin and Ethereum ETFs. 

Since it added Bitcoin to its portfolio in July, the company has recorded significant success. It has also attributed some of the gains the investment firm has seen this year to BTC.

Coinbase Banner  

Just recently, Fidelity Digital Asset CEO and some of its executives met with the SEC in its bid to lobby the financial regulator into approving its ETF application.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Go to Source
Author: Oluwapelumi Adejumo

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.