Reddit co-VC founder’s firm would spend $177 million in crypto as everything’s on sale
Seven Seven Six, the venture capital (VC) company founded by Reddit co-founder Alexis Ohanian, intends to make its first direct foray into the cryptocurrency industry and raise $177.6 million.
The fund named “Kryptós” would concentrate on investing in cryptocurrencies, citing the current market volatility as an ideal time to join the industry, according to a story from The Information on August 29.
According to the venture capital business, the Kryptós fund will invest largely in cryptocurrencies that trade at more reasonable prices after the market price decline.
“Now is the perfect moment to purchase if you are a long-term investor in this business. There is a sale. Everything is on sale, said Seven Seven Six’s founding partner, Katelin Holloway.
Seven Seven Six’s foray into digital assets is a result of its April registration as an investment advisor, which permits it to invest in cryptocurrencies.
Investors will get a 25% carried interest
The venture capital firm’s entry into cryptocurrencies at a period of falling prices shows that the business is relying on a future market recovery. Several, numerous crypto experts concur with this forecast and assert that the current market circumstances are transitory and part of the development trajectory.
It is uncertain how the current market circumstances will affect venture capital investment for crypto and blockchain startups. According to Finbold, investments in blockchain companies increased by nearly 600% in 2021, reaching $14.8 billion. At the same time, established companies like as Alphabet have emerged as leaders in the crypto industry.