Algorand network is experiencing a really positive period, which is also reflected in the price of the ALGO token. According to the latest report, the Algorand fund will be subsidized by others $ 100 million.
Algorand fund receives another grant
The company SkyBridge Capital owned by Anthony Scaramucci came up with this important news. The company recently applied for a fund that will be traded on the ETF. The plan also includes the establishment of the Algorand fund with a limit of USD 250 million. Scaramucci announced that he had managed to get more $ 100 million for the Algorand Fund. The value of his company’s investment in cryptocurrencies is currently over $ 700 million. However, according to him, that is not all.
For those unfamiliar with the Algorand project, it is a decentralized network that is based on blockchain and supports a wide range of applications. At the time of writing, the ALGO token was at 18th place in the ranking according to the total market capitalization. Its price fluctuates $ 2.08.
Another ETF application
SkyBridge is the latest company to apply for an ETF fund that will target cryptocurrencies, but indirectly. SkyFridge Crypto Industry First Trust ETF will not have a direct exposure to cryptocurrencies. 80% of its portfolio would invest in companies that deal directly with cryptocurrencies.
In any case, Skybridge belongs to a group of companies that have a large share in their portfolio in cryptocurrencies and especially in BTC.