Report: Reddit Co-Founder Alexis Ohanian’s Seven Seven Six Targets $177M for a Crypto-Centric Fund Called Kryptós

According to a latest report, the enterprise capital agency based by Alexis Ohanian, Seven Seven Six, is planning to boost $177 million for a brand new crypto-centric fund. The new Seven Seven Six fund known as Kryptós will think about investing in cryptocurrencies like 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 printed a report that famous Reddit co-founder Alexis Ohanian’s Seven Seven Six is elevating cash for a brand new crypto-focused fund known as Kryptós. The firm has been behind a lot of investments tethered to the crypto and Web3 business. For occasion, Seven Seven Six led the Ethereum Web3 pockets platform Rainbow’s $18 million funding round.

In mid-December 2021, Seven Seven Six teamed up with Polygon to launch a $200 million social media Web3 fund. On Monday, The Information’s report says the fund Kryptós is trying to increase $177 million and it’ll spend money on crypto belongings. Last April, Seven Seven Six was accepted to function as a registered funding advisor (RIA), and Clark experiences that her publication learn the Kryptós fund advertising paperwork.

The Kryptós fund paperwork notes that there’s “probably a singular alternative” to acquire crypto funding automobiles “at a reduction.” Now that Seven Seven Six is a registered funding advisor, it will probably spend money on digital belongings and handle the fund for a charge. Clark’s report additional cites one of many founding companions at Ohanian’s enterprise capital (VC) agency, Katelin Holloway, who’s quoted as saying “every part is on sale,” with regards to crypto funding automobiles Kryptós may purchase. Holloway additional added:

This is the most effective time to purchase in the event you’re actually lengthy on the business.

The crypto winter has not slowed VCs and companies trying to spend money on crypto-related merchandise, initiatives, tokens, and firms in 2022. With the power to take a position immediately into crypto belongings like BTC and ETH, it will probably compete with funding funds provided by Sequoia Capital and Andreessen Horowitz (a16z). Seven Seven Six plans to cost a 2.5% administration charge for Kryptós and the fund goals to go reside in October 2022.

What do you consider the VC agency Seven Seven Six focusing on $177 million for a brand new cryptocurrency fund known as Kryptós? Let us know what you consider this topic within the feedback part under.