Blockchain-based cryptocurrency platform Argoland announced on the 13th that it will partner with SkyBridge Capital, a major US hedge fund, and NAX, an asset management company to promote the growth of Argoland-based decentralized apps (dApps).
The partnership also jointly aims to explore opportunities for investment and development by institutional investors, mainly in North America and the Middle East.
An initiative called “UNLOX” has been launched with the alliance of the three organizations, chaired by Sky Bridge founder Anthony Scaramucci.
The initiative will focus on a variety of decentralized finance efforts such as launching “at-scale DeFi ventures, capital raising, and a platform for institutions to securitize their assets over the blockchain.”
SkyBridge is an investment firm led by well-known investor Anthony Scaramucci. The SkyBridge Bitcoin Fund LP, a fund that invests in Bitcoin (BTC), started its operation in December last year, The company has also launched an Ethereum (ETH) fund in July this year, along with filing an application for Bitcoin ETF (Exchange Traded Funds) in the United States.
As part of the partnership, SkyBridge will launch multiple funds, with the first one aiming to raise around $250 million.
Meanwhile, NAX will provide commercial support of assets with partners. Jeff Schumacher, CEO at NAX, said:
“Algorand’s feature rich, high performance platform has unlimited potential to improve efficiency across new markets and ecosystems – especially given the imminent arrival of the AVM (Algorand Virtual Machine) smart contracts and the next wave of DeFi applications.”