SkyBridge and NAX Announces Groundbreaking Partnership to Accelerate the Growth of Decentralized Applications on Algorand

By September 14, 2021Layer2
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Initiative to focus on new financial applications across North America and the Middle East

NEW YORK, Sept 13, 2021 /PRNewswire/ -- NAX and SkyBridge Capital today announced a partnership providing an array of Algorand-based services, digital applications and Institutional investment opportunities to catalyze adoption of Algorand primarily across North America and the Middle East. In November 2020, SkyBridge became the first '40 Act Fund and Fund of Hedge Funds to allocate capital to Bitcoin, and continues to be an institutional pioneer in blockchain and digital assets. The cross-disciplinary strategic partnership will start with a dedicated fund between SkyBridge, NAX, and Algorand, and a groundbreaking initiative called UNLOX.

(PRNewsfoto/Algorand Inc.)
(PRNewsfoto/Algorand Inc.)

UNLOX, with SkyBridge's Anthony Scaramucci as its chairman, will become a core infrastructure to launch at-scale DeFi ventures, capital raising, and a platform for institutions to securitize their assets over the blockchain. This will include traditional financial services assets like real property, corporate securities and venture capital, and will also include art, NFTs and other rare alternative assets. Algorand will be used as the protocol of this platform, with NAX providing commercial infrastructure and SkyBridge the institutional infrastructure.

Algorand is purpose-built from the ground up. Solving for the blockchain trilemma, it powers the future of finance as traditional and decentralized models converge into FutureFi: a unified system that is inclusive, reliable, frictionless, and secure.

With unique Layer-1 standards, approach to smart contracts, and interoperability frameworks, Algorand enables DeFi organizations to leverage the core principles and value of decentralized technology to define and create new models for economic exchange. It is carbon negative and it's ecosystem is rapidly expanding with over 800 organizations building on Algorand and more than 30,000 developers engaged with robust resources for building the next generation of decentralized applications.

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