Reddit co-founder's company launches $177M cryptocurrency fund

Article Reading Time:
1 min.

Venture capital firm Seven Seven Six, which has not previously dealt with cryptocurrencies, plans to use the current market situation to its advantage.

The company is owned by the co-foundersocial network Reddit to Alexis Ohanian and plans to raise $177 million for his new fund Kryptós, focused on cryptocurrencies. According to the fund's advertisement, the current situation in the cryptocurrency market is a unique opportunity to invest in strong companies at a discount. Seven Seven Six also plans to buy popular cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).

The fund will be launched in October and will offer itsinvestors receive 25% of any profits received, while charging a 2.5% management fee. If the fund grows five times, the payout will increase to 35%. Since its inception, the company has managed a total of $750 million in funds raised across three different funds. Kryptós is the company's first crypto-focused fund.

Previously, Ohanyan has repeatedly expressed his interest in the cryptocurrency market, calling the industry very promising for both developers and investors.

Last fall, Ohanyan invested
about $100 million to create a decentralizedsocial network on the Solana blockchain. And his other venture company, 776 Management, four months later, launched two funds for investing in digital currencies for a total of $500 million.

Earlier, Reddit announced that it was starting to distribute collectible NFT avatars, the price of which ranges from $10 to $100. All collectibles are listed on the NFT trading platform OpenSea.