SkyBridge Capital is partnering with NAX to provide a range of services and investments related to decentralized finance infrastructure.
The partnership includes Algorand-based services and will start with a dedicated fund and initiative called UNLOX. SkyBridge’s Anthony Scaramucci will be chairman of UNLOX and is seeking to become a core infrastructure to launch at-scale DeFi ventures, capital raising and ultimately a platform for institutions to securitize their assets over the blockchain. The overall focus is to promote adoption of Algorand across North America and the Middle East.
NAX brings corporate infrastructure, enabling UNLOX ventures to launch at-scale. The initial set of ventures include a BNPL solution, a digital asset wallet and commerce engine, and a collateralized art lending and fractionalization platform, all backed by industry leaders. NAX conservatively estimates that these will augment Algorand’s user base with millions of new wallets by 2023.
SkyBridge is raising a series of funds; the first fund will be targeted and capped at $250 million. The goal is to provide institutions with access to these unique decentralized finance opportunities. The now $7 billion firm is planning a six-city roadshow to further underscore why SkyBridge believes that Algorand will be a core protocol of the future. It’s sharia compliant, it is already empowering national, corporate and individual initiatives and it is disrupting sports and gaming, officials added.
“We are impressed by Algorand’s technology, team and approach to empowering an inclusive and decentralized financial system,” said Scaramucci, founder and managing partner of SkyBridge, which now has roughly $600 million in crypto assets. “Our mission is very much aligned with Algorand’s ethos and we look forward to bringing their technology to the forefront of regulated products, digital securities, currencies, payments and more.”
The move follows the November 2020 launch of SkyBridge’s first ’40 Act Fund and fund of hedge funds to allocate capital to Bitcoin assets.
The UNLOX announcement comes on the same day as Scaramucci revealed another new business called Flatter, an NFT company that deals in exclusive experiences and sought-after collectibles.
Launching at SkyBridge’s annual SALT conference (September 13-15) at the Jacob Javits Center in New York, Flatter has debuted two NFT SALT-themed packages.
“I’m excited to introduce this new concept and to tie the first two pieces to the SALT conference, which was itself groundbreaking when first launched in 2009,” Scaramucci said. “I’ve always wanted to be at the forefront of technological innovation, and this platform gives us an opportunity to make NFTs tangible by pairing them with one-of-a-kind collectables and experiences.
The first package, Flatter, will be separate from SkyBridge’s alternative investment funds and will offer 140 bottles of rare whiskey with Scaramucci’s portrait created by French digital artist 8th Project. Signed by both the artist and the subject, the package includes a ticket to SALT 2022 and admission for two to a VIP dinner at SALT 2022 with the artist. A portion of the proceeds will go to the U.S. Olympic and Paralympic Committee.
The second package on Flatter offers five NFT SALT tickets, which feature the SALT logo adorned on a colorful salt shaker. The tickets will provide lifetime access to all domestic and international SALT conferences, including VIP treatment for each conference, VIP seating for entertainment events, green-room access, admission for two to a wine party, coffee with Anthony Scaramucci at the conference, a one-time “power breakfast” for two to be scheduled for each NFT holder in 2022 with Scaramucci, and an invite to SkyBridge Capital events.