Citi Veteran Leaves Wall Street to Launch $1.5B Blockchain and Digital Assets Fund

The New York-based business will make venture investments in crypto companies, trade digital assets and create a “play-to-earn strategy” in the gaming space.

article-image

Blockworks exclusive art by Axel Rangel

share

key takeaways

  • Hivemind has chosen Algorand, a layer-1 blockchain, as its first strategic partner, the company’s founder Matt Zhang told Blockworks
  • Zhang hopes what he’s doing will shed some light for both Citi and many Wall Street firms that they should transition into the digital asset ecosystem sooner rather than later

Citi’s global co-head of structured products trading, who left the company after 14 years in early October, has launched Hivemind Capital Partners, a $1.5 billion venture focused on investing invest in the blockchain and digital asset ecosystem.

The New York-based business will invest in crypto companies, trade digital assets and create a “play-to-earn strategy” in the gaming space, according to Hivemind Capital Partners founder Matt Zhang. 

The firm will also invest capital in crypto infrastructure, blockchain protocols, open internet, programmable money and the virtual world, noted Zhang.

“I think the institutional adoption of digital assets and cryptocurrencies, in general, is inevitable,” Zhang told Blockworks. “I think the space has passed an inflection point. I think it’s the next paradigm shift and this is the largest fundamental infrastructure shift since the internet [was invented],” he added. 

In addition to the launch, Hivemind has chosen Algorand, a layer-1 blockchain, as its first strategic partner, Zhang said. He added that the company wants to leverage more layer-1 companies and is already in discussions with several others.

“Eventually, I see that we will fabricate a multi-chain world — I’m personally a multi-chain maxi,” Zhang said. “I think you won’t have one chain. You’ll have multiple chains that collaborate, compete and work together. And I think that’s great because layer-1 is very unique because it’s an open source software and a great way to help companies to be able to scale,” he added. 

Separately, from Zhang’s vantage point, he said he hopes what he’s doing will shed some light on why Citi and many Wall Street firms should transition into the digital asset ecosystem sooner rather than later.

“Obviously, given how they build, they want to take their time, but from my personal perspective, I think everybody’s going to get there,” he said. 

“You have to be open-minded because we’re talking about the paradigm shift, which means by definition to challenge conventional wisdom — everything you believe,” Zhang said. “I think after all, changes will happen whether you believe it or not. Technology will advance whether you believe in it or not, and I think it’s super important to be open-minded and to really be curious and try to embrace what’s happening,” he added.


Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


Tags

Upcoming Events

HYATT REGENCY SALT LAKE CITY

TUES, OCT. 8, 2024

Guided by the expertise of Blockworks Research Analysts team, this one day event will feature senior leaders, entrepreneurs, and developers from across the crypto industry. Attendees will have the opportunity to participate in an immersive experience to explore the latest trends, […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

hivemapper.jpeg

Research

We believe crypto market participants overlook Hivemapper’s fundamental potential due to a poor understanding of both the niche map data market and Hivemapper’s positioning relative to incumbents. Hivemapper’s token model catalyzes both a cost and product advantage via unmatched map freshness and near real-time accuracy, which is its wedge into a market characterized by stale data and high data collection costs. Its current and potential future product suite may represent one of the strongest possibilities for PMF in crypto today.

article-image

👨‍⚖️ SBF’s courtroom sequel: Plus, Coinbase’s legal loss was DeFi’s gain

article-image

Public mining companies have been acquiring sites, refreshing machine fleets and diversifying business models in preparation for the event

article-image

Exploit shows centralization can sometimes be an asset

article-image

The Fidelity Ethereum Fund, like other proposed ETH ETFs, seeks to stake a portion of its assets, according to the firm’s Wednesday registration statement

article-image

The DAO first voted on enabling SAFE transfers over a year ago