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Alternative Market Briefing

SkyBridge Capital continues push into DeFi

Wednesday, September 15, 2021

Bailey McCann, Opalesque New York:

SkyBridge Capital is continuing its push into DeFi and it's on full display at this year's Salt Conference currently underway in New York. On Monday, SkyBridge announced that it is teaming with trading platform NAX to raise $250 million for a fund that will expand the use of blockchain. The fund will be known as UNLOX and SkyBridge founder Anthony Scaramucci will chair the vehicle, the news was first reported by CNBC.

During a panel today with Founder and CEO of NAX Jeff Schumacher, and Steven Kokinos CEO of Algorand a blockchain platform, Scaramucci explained his view that a decentralized multichain approach to finance could support innovation and improve trust in financial transactions.

NAX and Algorand will work together to provide the infrastructure for this effort. NAX will be the trading platform and Algorand provides a protocol layer that supports smart contracts and the creation of other financial applications that use digital assets as a primary source of funding. During the panel, Scaramucci noted that Algorand's protocol technology is already well developed and in his view will "play a very big role in the future of DeFi."

Together the team believes they can unlock new business models that rely on digital currencies and multi-chain technology.


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