Scaramucci’s SkyBridge Accelerates Crypto Transition With Blockchain Partnership

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Anthony Scaramucci, founder of SkyBridge Capital II LLC, speaks during the Toronto World Forum of the International Economic Forum of the Americas (IEFA) in Toronto, Ontario, Canada, September 6, 2019.

Cole Burston | Bloomberg | Getty Images

Anthony Scaramucci of SkyBridge Capital is stepping up his company’s move into the cryptocurrency world, announcing a partnership on Monday to expand into the blockchain world.

The hedge fund is joining the NAX trading platform in a series of fundraising efforts, the first of which will aim to raise up to $ 250 million.

Using a fund that will be known as UNLOX, with Scaramucci as chairman, the group will focus on a variety of decentralized financial efforts associated with digital currencies like bitcoin. Blockchain is the database infrastructure around which the cryptocurrency world is built.

UNLOX will target institutions that will use the blockchain to securitize assets such as real estate, corporate securities and venture capital. The group will also target the nascent push towards non-fungible tokens and other alternative assets.

Algorand’s blockchain operation will be the crypto base of the partnership, while NAX will provide commercial support and SkyBridge will be the institutional base of the fund. Algorand uses what he describes as a “carbon negative” operation, unlike much of the crypto industry which consumes a lot of power due to the sophisticated computer networks required.

NAX CEO Jeff Schumacher cited Algorand’s “high-performance, feature-rich platform” as ideal for the business.

SkyBridge by Scaramucci was among the first hedge funds to enter bitcoin. The company also owns a stake in Ethereum.

“Algorand will be the winner in building the backbone of what institutions need and financial services companies need,” said Scaramucci.

An official announcement of the initiative will take place Monday morning at SkyBridge’s SALT conference, which will be held for the first time in New York.

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