A recent report claims that Seven Seven Six Venture Capital, founded by Alexis Ohanian is looking to raise $177 Million for a crypto-centric fund. The new Seven Seven Six fund called Kryptós will concentrate on 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 published a report that noted Reddit co-founder Alexis Ohanian’s Seven Seven Six is raising money for a new crypto-focused fund called Kryptós. It has been involved in a variety of investments tied to crypto and the Web3 industry. For instance, Seven Seven Six led the Ethereum Web3 wallet platform Rainbow’s $18 million funding round.
Seven Seven Six joined Polygon in launching a $200 million fund for social media Web3 funds. On Monday, The Information’s report says the fund Kryptós is looking to raise $177 million and it will invest in crypto assets. Last April, Seven Seven Six was approved to operate as a registered investment advisor (RIA), and Clark reports that her publication read the Kryptós fund marketing paperwork.
The Kryptós fund paperwork notes that there’s “potentially a unique opportunity” to obtain crypto investment vehicles “at a discount.” Now that Seven Seven Six is a registered investment advisor, it can invest in digital assets and manage the fund for a fee. Clark’s report further cites one of the founding partners at Ohanian’s venture capital (VC) firm, Katelin Holloway, who is quoted as saying “everything is on sale,” when it comes to crypto investment vehicles Kryptós could acquire. Holloway also added:
This is the best time to buy if you’re really long on the industry.
VCs looking to invest into crypto-related projects and tokens have not been hampered in their quest for investment opportunities. The fund can be used to directly invest in crypto assets, such as BTC and ETH. It is able to compete against investment funds like Sequoia Capital or Andreessen Horowitz (16z). Seven Seven Six plans to charge a 2.5% management fee for Kryptós and the fund aims to go live in October 2022.
What do you think about the VC firm Seven Seven Six targeting $177 million for a new cryptocurrency fund called Kryptós? Please comment below to let us know your thoughts on this topic.
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