Reddit’s co-founder Alexis Ohanian recently announced that his venture capital firm Seven Seven Six is hoping to gather $177.60 million for Kryptós, a brand-new cryptocurrency-focused fund.
Kryptós saw the recent downtrend of the cryptocurrency market as a way to acquire popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) at a discount, and by that enter the cryptocurrency industry.
“This is the best time to buy if you’re really long on the industry.” Said founding partner at Seven Seven Six, Katelin Holloway “It’s on sale. Everything is on sale.”
When Kryptós launches in October, the cryptocurrency fund will charge investors a 2.5% management fee and provide a universal 25% profit-sharing plan. The payout is set to increase to 35% if the fund doubles in size to five times its current size.
According to CrunchBase, Seven Seven Six manages more than $750 million in total money raised across three separate funds since its founding in 2020. Kryptós will be the company’s first cryptocurrency-focused fund.
Alexis Ohanian’s Involvement With Cryptocurrencies
Known for co-founding one of the words most accessed websites, Reddit, Alexis Ohanian is also a huge cryptocurrency enthusiast.
Ohanian was one of the first investors in Coinbase, a cryptocurrency exchange platform. Since then, Alexis became an avid cryptocurrency investor. In 2021, Ohanian established a $100 million blockchain investment fund. A year later, he established a $200 million fund.
Ohanian’s Reddit was also one of the first social media platforms to implement cryptocurrency payments.
Recently, Reddit announced a partnership with FTX in order to introduce FTX’s payment system on Reddit’s platform. The partnership will allow Reddit users to transfer community points via Ethereum-based transactions.
Ohanian’s wife and tennis legend, Serena Williams is also a cryptocurrency investor. Her investment company, “Serena Ventures” has put together a portfolio of over 30 unique businesses in a range of sectors, including cryptocurrencies.
Cryptocurrency Investments Are Not Slowing Down
Many would think that the talks of a “crypto winter” would be enough to scare away potential investors. However, what the cryptocurrency market is seeing is the opposite of that.
Seven Seven Six is another major player that will look to invest millions of dollars in Blockchain.
For instance, Multicoin Capital unveiled a $450 million cryptocurrency fund last month with a focus on initiatives that create “real-world infrastructure in the blockchain realm.”
In addition to that, Polygon’s founder Sandeep Nailwal teamed up with Cere Network founder Kenzi Wang in order to launch a cryptocurrency VD firm by the name of Symbolic Capital, which will look to invest $50 million in Web3 startups.
Despite the growing concerns about the recent volatility of cryptocurrencies due to the United States Federal Reserve policies, the market is still looking to invest in the web3.
Big players are still funding companies and startups that are going to invest in a completely decentralized internet.