SkyBridge announces a partnership aimed at expanding into the blockchain universe.

According to the CNBC report, SkyBridge Capital’s Anthony Scaramucci is stepping up his firm’s move into the cryptocurrency world, announcing on Monday a partnership aimed at expanding into the blockchain universe. The hedge fund is joining with trading platform NAX in a series of fundraising efforts, the first of which will seek to bring in up to $250 million. 

The group will focus on a variety of decentralized finance efforts associated with crypto.

According to the report, using a fund that will be known as UNLOX, with Scaramucci as its chairman, the group will focus on a variety of decentralized finance efforts associated with digital currencies like bitcoin. Blockchain tech is the underlying infrastructure around which the cryptocurrency world is built. UNLOX will target institutions to use blockchain to securitize assets such as property, corporate securities, and venture capital. The group will also target the nascent push into nonfungible tokens and other alt assets.

The blockchain operation of Algorand will be the crypto base for the partnership. 

The report further mentioned that the blockchain operation of Algorand will be the crypto base for the partnership, while NAX will provide commercial support, and SkyBridge will be the institutional base for the fund. Algorand uses what it describes as a “carbon-negative” operation, in contrast to much of the energy-intensive crypto industry due to the sophisticated computer networks needed. NAX CEO Jeff Schumacher cited Algorand’s “feature-rich, high-performance platform” as ideal for the venture. Scaramucci’s SkyBridge was among the first hedge fund to move into bitcoin. “Algorand is going to be the winner in building the backbone for what institutions need and financial services companies need,” Scaramucci said.