Ohanian Announces the Launch of a Crypto Fund
Alexis Ohanian, the co-founder of Reddit, is a partner at Seven Seven Six, a venture capital firm that plans to raise $177.60 million for a new cryptocurrency-focused fund that will be called Kryptós.
According to the marketing materials for the fund that were viewed by The Information, it was said that “this is possibly a unique opportunity to invest in great entrepreneurs at a discount.”
Kryptós buys prominent cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) at a discount, claiming the recent decline in the value of cryptocurrencies as an opportunity to break into the market.
It’s currently on sale. According to founding partner Katelin Holloway, who spoke with The Information, “everything is on sale.”
Investors in Kryptós will be subject to a management fee of 2.5% upon the company’s launch in October, and they will receive an equal portion of 25% of any profits the company generates. The payout rate will increase to 35% if the fund develops to be five times the size it is at the moment.
According to CrunchBase, since the company was founded in 2020, it has been responsible for the management of total assets raised amounting to over $750 million across three distinct funds. The company’s initial fund, with a primary focus on cryptocurrencies, is called Kryptós.
CryptoAnnals has attempted to contact Seven Seven Six in regards to Kryptós but has not yet received a response to their inquiry.
Increasing Interest of Investors in Crypto
Seven Seven Six is another illustration of how funding for cryptocurrencies has not slowed down despite the realities of the market.
One example is Multicoin Capital, which just last month announced the formation of a crypto fund with a target size of 450 million dollars that will invest in businesses that construct “real-world infrastructure in the blockchain realm.”
Sandeep Nailwal, the founder of Polygon, and Kenzi Wang, the founder of Cere Network, have also created a crypto venture capital firm known as Symbolic Capital. They have raised a total of $50 million to promote emerging Web3 startups.
According to Nailwal, one of the founders of the company, “we built blockchain companies from the ground up and are intimately familiar with the particular obstacles that these projects confront.” This is what sets this apart from other similar endeavors.
“When you look at the crypto VC landscape, it’s rare to find firms that were started by web3 founders. We built blockchain companies from the ground up and are intimately familiar with the unique challenges that these projects face” – @sandeepnailwal.
— Symbolic Capital (@symbolicvc) August 25, 2022