A Wall Road veteran with over 14 years of expertise has launched a brand new enterprise fund devoted to cryptocurrency and blockchain startups, providing additional proof that good cash buyers are pivoting to the rising world of digital belongings.

On Monday, former Citi government Matt Zhang launched Hivemind Capital Companions, a $1.5 billion multi-strategy fund designed to bootstrap promising crypto performs and “institutionalize crypto investing.” The fund will prioritize initiatives centered on constructing crypto infrastructure, digital worlds and programmable cash, and also will commerce digital belongings as a part of its underlying technique.

Hivemind’s first expertise accomplice is Algorand, a proof-of-stake protocol that’s more and more centered on creating infrastructure for the worldwide monetary business. Algorand is a top-20 blockchain undertaking, with its native ALGO token valued at $11.2 billion in complete market capitalization, in line with Coingecko.

Zhang described blockchain expertise as a “paradigm shift” and stated his agency will present crypto entrepreneurs with infrastructure help that’s not at present accessible inside conventional asset administration fashions. Nevertheless, the corporate has but to announce any main funding.

Venture capital has flooded the cryptocurrency business this yr, with main funds allocating billions of {dollars} in direction of promising startups. Successive funding rounds have given beginning to at the very least a dozen crypto unicorns, a time period used to explain startups with a valuation of $1 billion or extra.

Zhang’s Hivemind is one in every of a small handful of multi-billion-dollar crypto funds. As Cointelegraph reported, Silicon Valley enterprise agency Andreessen Horowitz launched a $2.2 billion crypto fund in June, which was the biggest ever on the time. In November, crypto funding agency Paradigm revealed a $2.5 billion portfolio devoted to crypto corporations.