SkyBridge raises $ 100 million for Algorand Fund and presents new ETF proposal

The SkyBridge Investment Fund, looking to expand its crypto offering, filed an application for a crypto-exchange-traded fund (ETF) in York on September 14th.

The new ambition of SkyBridge

Speak with CNBCSkyBridge founder and former White House communications director Anthony Scaramucci said the company raised more than $ 100 million for the new Algorand fund. He added that the company currently holds around $ 700 million worth of crypto assets.

“After extensive research, it became clear that Algorand had a very bright future #DeFi. “- @Scaramucci

Join the live discussion @stevekokinos, @ Jeffschumacher4 and @sarahkunst at @SALTKonferenz ????https://t.co/8MdssZdcJZ pic.twitter.com/P8hxWRuANA

– Algorand (@Algorand) September 14, 2021

In addition, Scaramucci also affirmed that cryptocurrencies will always exist and will evolve. According to him, regulators need to act even faster if they want to prevent the adoption of blockchain technology.

“It’s very similar to Uber – regulators wanted Uber out of business, but people wanted Uber and everyone won. Soon there will be 200 million crypto users in the US. “

Scaramucci’s comments come as many investors are concerned about a SEC-led regulatory crackdown. Despite expressing his disagreement with the SEC chairman, Scaramucci said he appreciates the position Gary Gensler holds.

Other financial moguls have not been optimistic about the possibility of introducing crypto beyond regulation. Ray Dalio, founder of the world’s third largest hedge fund Bridgewater Associates, believes the growing popularity of crypto will attract the wrath of lawmakers.

Despite this view, Dalio regards cash as “junk” and adds that any monetary asset that is an alternative to cash is “worth considering,” including Bitcoin.

For this purpose, Skybridge also applied for a crypto-focused ETF with the SEC on September 14th. If approved, the Fund will invest at least 80% of its net assets in leading company exposure to this asset class.

We invite you to join our Telegram for faster news: https://t.me/coincunews

mango

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page