Algorand: SkyBridge Capital CEO explains why he’s bullish on $ ALGO
In a recent interview, former White House communications director Anthony Scaramucci, founder and CEO of global alternative investment firm SkyBridge Capital (âSkyBridgeâ), shared his latest thoughts on Algorand.
Here’s how Binance Research describes Algorand:
“Algorand is an open source, unauthorized, Pure Proof-of-Stake (PPoS) blockchain protocol for âthe next generation of financial productsâ. As such, Algorand guarantees “full participation, protection and speed within a truly decentralized network” …
“Algorand competes with large payment and financial networks and focuses on industrial use cases. One of the most notable use cases involved the Marshall Islands’ plans to issue central bank digital currency …
“In addition, Algorand offers highly customizable smart contracts (ASC), asset tokenization (Algorand Standard Assets) and atomic transfers integrated directly into Layer-1.
“ALGO is the native active ingredient of the Algorand protocol and serves as a medium of exchange and a store of value. ALGO must also be staked by the validators of the network.“
Speaking in an interview with Real Vision, Scaramucci claimed that Algorand, an Ethereum competitor in the decentralized finance (DeFi) space, is best suited for real world use cases.
Scaramucci described the problems facing common goods and services in society, and how cryptography could be used to solve them. In particular, he noted how consumers accumulate miles and other reward points for traveling on major carriers, but rarely use them.
As reported by The Daily Hodl, he said:
What if we created a coin that could withdraw those miles from your account in exchange for that coin? Then this room had a certain universality where you could buy groceries, or you could buy something [else].
Scaramucci said that Algorand has the best blockchain to solve this problem.
On September 13, Scaramucci’s NAX and SkyBridge Capital announced âa partnership providing a range of Algorand-based services, digital applications and institutional investment opportunities to catalyze Algorand adoption primarily in North America and the Middle -Orient â.
This strategic partnership âwill begin with a dedicated fund between SkyBridge, NAX and Algorand, and a revolutionary initiative called UNLOXâ.
The press release went on to say:
“SkyBridge raises a series of funds; the first fund will be targeted and capped at $ 250 million. The aim is to provide institutions with access to these unique decentralized funding opportunities. The company is planning a roadshow in six cities to further highlight why SkyBridge believes Algorand will be a base protocol of the future.“
Scaramucci also mentioned in the interview that he believes Bitcoin, Ethereum, and Algorand are three major blockchains that are âgoing to win and design the futureâ.
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