In Brief:
- Matt Zhang announced the formation of the first $1.5 billion multi-strategy venture.
- Venture is created for the fast growing blockchain and digital asset ecosystem.
- Hivemind selected Algorand as a significant partner to deliver technology and network ecosystem infrastructure.
Hivemind Capital Partners (“Hivemind”), a venture capital firm founded by former Citi banker Matt Zhang, today announced the formation of its first $1.5 billion multi-strategy venture.
The venture is created to invest in the fast growing blockchain and digital asset ecosystem. Hivemind has chosen Algorand, the top layer-1 blockchain, as a key partner to supply technology and network ecosystem infrastructure as part of the launch.
Hivemind will make crypto venture investments, exchange digital assets, and offer a first-of-its-kind, dedicated “play-to-earn strategy” in the gaming industry. The investment firm will put money into areas like crypto infrastructure, blockchain protocols, the open internet, programmable money, and the virtual world.
Hivemind’s Founder and Managing Partner, Matt Zhang, stated, “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.”
Mr. Zhang further said, “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.”
“We believe that Algorand is the preeminent blockchain protocol that allows institutional and corporate users to connect with the decentralized economy,” he added.
Zhang spent 14 years with Citi, the world’s largest investment bank, where he worked in both the United States and Europe. He founded the bank’s spread products investment technologies team, or SPRINT, to focus on fintech investments in addition to his trading responsibilities. He is also a founding partner of Citi Impact Fund, which invests in “double bottom line” businesses to address some of society’s most critical issues.
Like Hivemind, a new innovation centre will be launched by the NY Fed and the BIS to explore digital currency concepts including CBDC development.
