As per the latest reports, SkyBridge capital, a major alternative investment firm in the cryptocurrency industry has made an announcement. The investment firm has announced that it is planning to increase its services in the cryptocurrency sector. The firm is aiming to offer more than what it is already offering in the cryptocurrency industry.
The firm has revealed that it is aiming to bring more exposure and attention to the cryptocurrency sector with its expansion. The firm has announced that the product it is planning to launch is the exchange-traded fund (ETF) for cryptocurrencies.
The firm has announced that it is aiming to file for the ETF for cryptocurrencies in the upcoming days. The firm reportedly made the announcement for filing the proposal for the ETF on Tuesday, September 14, 2021.
SkyBridge also revealed that it had carried out a successful funding round. It provided details for the funding round during the New York conference by SALT.
The information related to the funding round was shared by Anthony Scaramucci, the former White Communications Director and the founder of SkyBridge.
SkyBridge revealed that from the particular funding round, it successfully generated funds worth $100 million. The money SkyBridge has raised will be used for the development and launching of the Algorand Fund. Scaramucci also revealed how many assets the fund currently handles through its platform. As of now, the platform holds different cryptocurrencies that are worth $700 million.
Scaramucci is one of the most prominent and highly reputable personalities in the cryptocurrency industry. Ever since becoming part of the cryptocurrency industry, Scaramucci has exerted all his efforts for the mass adoption of cryptocurrencies by mainstream institutions.
In the past couple of years, he has managed to convince several billionaires and celebrities to invest in Bitcoin and other cryptocurrencies. According to him, the cryptocurrency industry is not going away at all. The industry is going to stay here permanently and the only thing the investors from around the world need to do is adopt it and invest in it.
Similar to major investors, the regulators also need to act fast and work on introducing regulations in order to streamline the cryptocurrency industry. For a very long time, the regulatory authorities have tried taking down the cryptocurrency sector.
However, the cryptocurrency industry has continued growing, constantly cementing its presence and status in the global sector. Scaramucci stated that the adoption rate for cryptocurrencies has been on a constant rise in the United States.
With every passing day, large groups of investors and people from the United States are adopting cryptocurrencies. He stated that if this continues to happen, the United States will be catering to more than 200 million crypto-users from within the United States.