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Algorand
$1.29 -1.77%
ALGO · 7w

Former Citi Top Trading Executive Launches Hivemind, a $1.5B Venture to Institutionalize Crypto Investing (Selects Algorand as first strategic partner)

Matt Zhang leaves Wall Street to focus on digital assets space, selects Algorand as first strategic partner

NEW YORK, Nov. 29, 2021 /CNW/ -- Hivemind Capital Partners ("Hivemind"), an investment firm founded by ex-Citi head of structured products trading Matt Zhang, today announced its inaugural $1.5B multi-strategy venture to invest in the fast-growing blockchain and digital asset ecosystem.

Headquartered in New York, Hivemind will make venture investments in crypto companies, trade digital assets, and feature a first-of-its-kind, dedicated "play-to-earn strategy" in the gaming space. The investment firm will deploy capital in verticals including crypto infrastructure, blockchain protocols, open internet, programmable money and virtual world among others.

"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."

As part of the launch, Hivemind has selected Algorand, the leading layer-1 blockchain, as a strategic partner to provide technology capability and network ecosystem infrastructure.

"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 o...

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