SkyBridge to reportedly bring a new Web3-focused fund

Global investment management company SkyBridge Capital has reportedly decided to bring a Web3-focused fund starting in September. 

As per a recent report published by Business Insider, the founder of the company, Anthony Scaramucci, is planning to roll out a fund in September that would focus on supporting Web3 and crypto startups.

SkyBridge to announce the launch on September 12

The fund would reportedly have a mix of traditional venture and growth equity and would be open to accredited investors. The report says that it will primarily invest in privately held web3 fintech along with investment in growth and late-stage crypto firms. SkyBridge is planning to make the announcement about the fund at its Annual Salt Conference on September 12, an unidentified source familiar with the matter said.

According to sources reported by Business Insider, Scaramucci’s goal of leading the way in decentralized finance was supported by the fund. The investing firm will concentrate on businesses that are continuing to raise capital through primary rounds and those that are trading at discounts on the secondary market.

A day after reports that SkyBridge had stopped allowing withdrawals from the Legion Strategies fund, a plan to launch the new fund surfaced. As TheCoinRise reported, the Legion Strategies Fund made investments in a number of private businesses, including the FTX cryptocurrency exchange. Additionally, it is exposed to cryptocurrencies like bitcoin through SkyBridge-managed funds.

In March of last year, SkyBridge applied for the Securities and Exchange Commission’s permission to launch an exchange-traded fund for spot bitcoin. The proposal was eventually turned down by the SEC.

During an interview with The Block in May, Scaramucci said that the investment company would start making bitcoin investments by the end of 2020. At the time, the company invested up to $182 million in cryptocurrency.

Several companies, including Celsius Network, have moved towards suspension of user withdrawals this crypto winter.