Skybridge Capital Announces Intentions For Algorand (ALGO) Crypto ETF

Skybridge Capital Announces Intentions For Algorand (ALGO) Crypto ETF


Continuing his bullish stance on the future of blockchain-based assets popularly called cryptocurrencies, former White House Communications Director Anthony Scaramucci has asserted that the burgeoning industry is here to stay.

He also laid out his asset management firm’s intentions in a CNBC-covered interview.

SkyBridge Has $700 Million In Crypto Holdings

Popular crypto supporter Anthony Scaramucci is stirring the crypto waters again as he admitted that cryptocurrencies are becoming too big to be ignored.

In a CNBC special, Scaramucci announced that his alternative asset management firm SkyBridge Capital has so far racked up $700 million worth of virtual assets. The crypto bull also noted that the New York-based investment firm plans to expand its crypto offerings for interested clients.

According to the Skybridge founder, the company will launch a crypto exchange-traded fund (ETF) focused on the popular ‘Ethereum killer,’ the Algorand (ALGO) blockchain. Scaramucci noted that $100 million has already been generated for the new ETF venture.

Comparing crypto to the rise of taxi-hailing service Uber, Scaramucci said that the US Securities and Exchange Commission (SEC) might be fighting a losing battle. According to him, Uber triumphed due to the massive public backing it enjoyed.

“Before long, there will be 200 million crypto users in the United States.”

However, the SEC does not share this enthusiasm, and agency Chief Gary Gensler has repeatedly called out the nascent industry in the past. In a featured release, the former MIT instructor of blockchain technology noted that the crypto space was “rife with fraud and abuse,” asserting that regulating the space is the only means to ensure basic consumer protection.

SALT Conference Stirred Mixed Feelings

SkyBridge Capital has been on the front foot of crypto adoption, with the asset management firm organizing a series of blockchain-based conferences. One of such is Skybridge Alternative Conference or SALT. Hosted in New York early on Tuesday, hedge fund big wigs like Ray Dalio of Bridgewater Associates were in attendance.

Dalio noted the importance of “alternatives to cash,” pointing out that inflation was rapidly reducing purchasing power. According to him, these tools could help shore up the decline of cash and should be considered.

However, the billionaire investor noted that regulatory agencies might not be enthused about the emergence of these alternatives. Dalio said that government agencies would undermine the mass adoption of fiat alternatives like Bitcoin and may outrightly ban their use, thereby defragmenting the growing industry.

Meanwhile, Skybridge Capital is not deterred by the gloomy cloud hanging over the crypto industry and recently launched a non-fungible token (NFT) platform.

Noted in a Sept.13 release, Skybridge said the NFT platform would be called Flatter. The platform would enable users to buy sought-after collectibles from the emerging marketplace.