Matt Zhang, a former Citibank executive announced a massive new fund to invest in, among other things, play-to-earn games.  Covered: Massive Crypto Fund From Former Citi Exec Hivemind Play-To-Earn Strategy Massive Crypto Fund From Former Citi Exec Hivemind Capital Partners, founded by former Citibank exec Matt Zhang, announced it’s 1.5 billion investment strategy geared toward […] The post Former Citibank Exec Launches Massive 1.5 Billion Dollar Crypto Fund; Taps Algorand As Partner appeared first on CryptosRus.

Former Citibank Exec Launches Massive 1.5 Billion Dollar Crypto Fund; Taps Algorand As Partner

Matt Zhang, a former Citibank executive announced a massive new fund to invest in, among other things, play-to-earn games. 

Covered:

  • Massive Crypto Fund From Former Citi Exec
  • Hivemind Play-To-Earn Strategy

Massive Crypto Fund From Former Citi Exec

Hivemind Capital Partners, founded by former Citibank exec Matt Zhang, announced it’s 1.5 billion investment strategy geared toward the “digital asset ecosystem.” In addition, the investment firm announced a strategic partnership with smart contract protocol Algorand, “to provide technology capability and network ecosystem infrastructure.”

As part of their broad digital asset strategy, Hivemind plans to invest in blockchain-based companies, trade digital assets, and engage in, what they call, the “first-of-its-kind, dedicated “play-to-earn strategy.”

“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,” said Zhang.

Recommended: Three Top Projects On Algorand You Have To Check Out

On Algorand, the former Citi executive said,”We believe that Algorand is the preeminent blockchain protocol that allows institutional and corporate users to connect with the decentralized economy.” He later added, “We want to team up with partners who have the patience to build an enduring business,” said Mr. Zhang.

However, Zhang left the door open for more potential partnerships: “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 Play-To-Earn Strategy

How Hivemind’s play-to-earn strategy differs from their investment or trading plans is unclear from the press release. It’s interesting to see the investment firm go to great pains to point out that they are specifically investing in the blockchain gaming space.

Sam Peurifoy Credit: Bloomberg.com

It certainly makes sense why. As play-to-earn startup Avocado Guild proved, there are many potential revenue streams in the blockchain world outside of just gaming. Avocado Guild which is an association of play-to-earn gamers recently received 18 million in funding.

Interestingly, not mentioned in the press release, is the fact that Hivemind has already tapped someone to lead their play-to-earn initiative. Bloomberg reported Sam Peurifoy, a.k.a. “Das Kapitalist” will head up the division. The 27-year-old is famous for leaving his post at Goldman Sachs to become a full-time play-to-earn gamer.

Recommended: Citibank Goes All-In On Crypto

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