SkyBridge Capital Launches New Fund for ALGO Coin

Cryptocurrency markets require significant actions to ensure a strong entry for altcoins. Steps such as forming large funds, ETF applications, and trust issuances help altcoins distinguish themselves positively. While Bitcoin $105,360 surpassed $62,000 at the time of writing, promising news arrived for ALGO Coin.

ALGO Coin News

The latest news indicates that the altcoin aiming for $0.13 has not yet initiated the massive rally that was anticipated. According to a statement from Algorand and CoinDesk, SkyBridge Capital, founded by Anthony Scaramucci, has raised $100 million for a new Algorand fund, with a target cap of $250 million.

SkyBridge currently holds approximately $700 million in cryptocurrencies. The announcement was made at the SALT hedge fund conference held in New York today. In the fund application made by First Trust Advisors, SkyBridge Capital will serve as the investment sub-advisor. Scaramucci stated:

“SkyBridge currently has about $700 million in cryptocurrencies. We are launching an Algorand fund… We are limiting this fund to $250 million, and we have already raised $100 million for it.”