This week, ex-Citi head of structured products trading — Matt Zhang — announced the launch of his investment firm called Hivemind Capital. To invest in NFTs and blockchain-related assets, the initial venture capital fund is set at $1.5 million.

“We think blockchain technology represents a paradigm shift. We are only in the very beginning. We provide infrastructure and capital solutions from start to finish to entrepreneurs who are visionaries and crypto-projects that have a category-defining purpose.
Matt Zhang, founder and managing partner of Hivemind, made the announcement in an official statement.

Zhang went on to state that Hivemind will primarily invest in crypto companies, trade digital assets, and offer a first-of-its-kind, “play-to-earn” investment strategy within the gaming space. Additionally, the firm plans to invest capital into vertical channels, such as blockchain protocols, crypto infrastructure and virtual worlds.

It’s been widely reported recently that both Citi and Morgan Stanley To try to attract a wide range of cryptocurrency-centric knowledge, the (NYSE) wants to recruit hundreds of digital natives and veterans in their banking ranks. Experts say “Big Banks” need to make these massive hiring rounds to help them evolve to a blockchain-based model to stay competitive in the crypto-focused future that’s coming. However, Zhang says the way they’re doing it is not going to work for them,

The traditional model of asset management isn’t designed for this. We are creating a custom-made crypto investment platform that offers institutional investors the necessary infrastructure to manage risk, comply with regulations, and secure their investments.
To help manage those expectations of institutional investors, Hivemind selected Algorand — a leading layer-1 blockchain — as its strategic partner to provide future-proof technology capabilities and network ecosystem infrastructure. Algorand’s next-generation applications make it the blockchain technology of choice for thousands of organizations launching NFTs, payment solutions, regulated digital assets, new economic models, and DeFi offerings.

Flipside

• It is amazing to see how big banks are flocking towards crypto. They don’t seem to understand that the entire underlying premise of blockchain and cryptocurrencies is the planned obsolescence of the banking industry itself.
• Yet they’re scampering like lemmings to embrace their own demise.

Why you should care

Each week it seems that another financial institution is looking to partner with blockchain or an executive from traditional finance leaving the banking industry to create a new venture based on crypto. These are all positive signals of broadening adoption of the crypto industry, and the unwitting yielding of banks to blockchain’s supremacy.

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