In a recent interview, former White House Director of Communications Anthony Scaramucci, who is the founder and CEO of global alternative investment firm SkyBridge Capital (“SkyBridge”), shared his latest thoughts on Algorand.
Here is how Binance Research describes Algorand:
“Algorand is an open-source, permissionless, Pure Proof-of-Stake (PPoS) blockchain protocol for ‘the next generation of financial products’. As such, Algorand ensures ‘full participation, protection and speed within a truly decentralized network’…
“Algorand competes with large payment and financial networks and focuses on industrial use-cases. One of the more notable use-cases involved the Marshall Island’s plans to issue Central Bank Digital Currency…
“Furthermore, Algorand offers highly-customizable smart contracts (ASCs), Asset Tokenization (Algorand Standard Assets), and Atomic Transfers built directly in Layer-1.
“ALGO is the native asset of the Algorand Protocol and serves as the medium of exchange and store of value. ALGO must further be staked by network validators.“
Speaking in an interview with Real Vision, Scaramucci claimed that Algorand, a competitor to Ethereum in the space of decentralized finance (DeFi), is best positioned for real world use cases.
Scaramucci outlined problems facing common goods and services in society, and how crypto could be used to solve them. In particular, he noted how consumers accumulate miles and other rewards points for flying on major carriers, but rarely use them.
As reported by The Daily Hodl, he said:
What if we created a coin that could take those miles out of your account in exchange for this coin? Then this coin had some universality to it where you could buy groceries, or you could buy something [else].
Scaramucci stated that Algorand had the best blockchain for tackling this issue.
On September 13, NAX and Scaramucci’s SkyBridge Capital 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.”
This strategic partnership will “start with a dedicated fund between SkyBridge, NAX, and Algorand, and a groundbreaking initiative called UNLOX.”
The press release went on to say:
“SkyBridge is raising a series of funds; the first fund will be targeted and capped at $250mm. The goal is to provide institutions with access to these unique decentralized finance opportunities. The firm is planning a six city roadshow to further underscore why SkyBridge believes that Algorand will be a core protocol of the future.“
Scaramucci also mentioned in the interview that he believes Bitcoin, Ethereum and Algorand are three major blockchains that are “going to win and design the future.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.