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Reddit Co-Founder Alexis Ohanian’s Seven Seven Six Targets $177M for Crypto-Centric Fund Called Kryptós – Finance Bitcoin News
According to a recent report, the venture capital firm founded by Alexis Ohanian, Seven Seven Six, plans to raise $177 million for a new crypto-centric fund. The new Seven Seven Six fund called Kryptós will concentrate on investing in cryptocurrencies such as bitcoin and ethereum.
Seven Seven Six Launches Cryptocurrency Fund Kryptós — Plans to go live in October
On August 29, 2022, The Information reporter Kate Clark published a report noting that Reddit co-founder Alexis Ohanian’s Seven Seven Six is raising money for a new crypto-focused fund called Kryptós. The company has been behind a number of investments related to the crypto and Web3 industry. For example, Seven Seven Six led Ethereum Web3 wallet platform Rainbow’s $18 million funding round.
In mid-December 2021, Seven Seven Six teamed up with Polygon to launch a $200 million Web3 social media fund. On Monday, The Information’s report says that the fund Kryptós is looking to raise $177 million and will invest in crypto assets. Last April, Seven Seven Six was approved to operate as a registered investment adviser (RIA), and Clark reports that her publication read the Kryptós fund’s marketing documents.
The Kryptós fund’s paperwork notes that it is “potentially a unique opportunity” to acquire crypto investment vehicles “at a discount.” Now that Seven Seven Six is a registered investment adviser, it can invest in digital assets and manage the fund for a fee. Clark’s report further quotes one of the founders at Ohanian’s venture capital (VC) firm, Katelin Holloway, who is quoted as saying “everything is for sale,” when it comes to crypto investment vehicles Kryptós could acquire. Holloway further added:
This is the best time to buy if you are in the business for a very long time.
The crypto winter has not slowed down VCs and businesses looking to invest in crypto-related products, projects, tokens and companies in 2022. With the ability to directly invest in crypto assets such as BTC and ETH, it can compete with investment funds offered by Sequoia Capital and Andreessen Horowitz (a16z). Seven Seven Six plans to charge a management fee of 2.5% for Kryptós, and the fund aims to go live in October 2022.
What do you think about VC firm Seven Seven Six targeting $177 million for a new cryptocurrency fund called Kryptós? Let us know what you think about this topic in the comments section below.
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