Hivemind Capital Partners With Algorand To Launch $1.5B Crypto Fund
Hivemind Capital’s new fund includes a play-to-earn gaming arm that will be led by ex-Goldman Sachs analyst Sam Peurifoy, who is also known in gaming circles as “Das Kapitalist.”
Hivemind Capital Partners, founded by ex-Citi executive Matt Zhang, announced its first $1.5 billion venture fund to invest in blockchain and crypto ecosystems. According to the announcement, the firm has selected layer 1 blockchain Algorand as a strategic partner to provide technology and network ecosystem infrastructure.
New York-based investment company plans to use the VC fund to invest in crypto companies and trade digital assets. It will also have a specific play-to-earn gaming-focused division headed by ex-Goldman Sachs analyst Sam Peurifoy, also known by his gaming community alias “Das Kapitalist.” Other areas of investment include crypto infrastructure, blockchain protocols, open internet, programmable money and virtual worlds.
Zhang worked 14 years at Citi, where he most recently was co-head of the structured products trading and solutions division. He commented on the new venture fund:
“We believe blockchain technology is a paradigm shift, and we are still in the early innings. Our mission is to provide start-to-finish capital and infrastructure solutions to visionary entrepreneurs and category-defining crypto projects.”
On hiring of Peurifoy, Zhang said:
“Sam brings a unique combination of deep knowledge of the play-to-earn space, close relationship with the community and a real passion for gaming and the metaverse. With Algorand as our first strategic partner, we have a very exciting roadmap on our play-to-earn strategy right out of the gate, and beyond. I think we will do some amazing things together.
We are meticulously focused on hiring and growing the team that will bring a decentralized world to reality.”
Algorand COO W. Sean Ford commented on the partnership:
“The launch of Hivemind’s venture represents an exciting new milestone in serious players entering the Algorand and broader blockchain ecosystem. Hivemind will change the way organizations are using blockchain to transform businesses.”
Crypto funds have been immensely popular amongst investors this year. Earlier this month, Paradigm, the firm launched by Coinbase co-founder Fred Ehrsam and former Sequoia partner Matt Huang, announced a $2.5 billion crypto fund. That topped the $2.2 billion investment fund announced by Andreessen Horowitz in June as the largest fund in the crypto industry.
