Ethereum Competitor Could Power Major Real-World Use Cases, According to Hedge Fund Veteran Anthony Scaramucci

SkyBridge Capital founder Anthony Scaramucci says one Ethereum competitor is well-equipped to power complex use cases in the real world.

In a new interview with Real Vision, the hedge fund veteran says the decentralized blockchain network Algorand (ALGO) could breathe new life into the consumer goods sector.

Scaramucci explains,

“If you’re flying American or Delta, you’re accruing miles. You may or may not be using them. They’re on Delta’s balance sheet marked as a liability. And for whatever reason, you’re not using them, but you can’t unlock them.

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].

What would be the best blockchain to use for something like that? In my opinion, it would be Algorand.”

Last month, SkyBridge joined the NAX trading platform to form a new partnership called UNLOX.

Scaramucci says the new venture will work with ALGO while pursuing investments in traditional financial services as well as art and other alternative assets.

“We’re identifying assets that have typically been locked, and we’re unlocking them.

I said I want to raise a fund, an ALGO-based fund that participates. We’ve raised $100 million so far, capping the fund at $250 million.

I’ve got a Bitcoin [BTC] fund. I have an Ethereum [ETH] fund. And we will soon have an ALGO fund. And I think those are three major blockchains, cryptocurrencies that are going to win and design the future.”

Featured Image: Shutterstock/Anna Berdnik/Yevhen Vitte/greenbutterfly