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

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

According to a recent report, the venture capital firm founded by Alexis Ohanian, Seven Seven Six, is planning to raise $177 million for a new 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. The company has been behind a number of investments tethered to the crypto and Web3 industry. For instance, Seven Seven Six led the Ethereum Web3 wallet 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 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 further added: This is the best time to buy if you’re really long on the industry.

The crypto winter has not slowed VCs and businesses looking to invest in crypto-related products, projects, tokens, and companies in 2022. With the ability to invest directly into crypto assets like BTC and ETH, it can compete with investment funds offered by Sequoia Capital and Andreessen Horowitz (a16z). Seven Seven Six plans to charge a 2.5% management fee for Kryptós and the fund aims to go live in October 2022. Tags in this story $177 million, $177M, Alexis Ohanian, Andreessen Horowitz (A16z), Bitcoin, BTC, crypto assets, crypto fund, ETH, Ethereum, Finance, fund, Investing, Investing in Tokens, Investment vehicle, Katelin Holloway, Kryptós, October 2022, Polygon, Reddit, Reddit co-founder, RIA, Sequoia Capital, Seven Seven Six, Seven Seven Six RIA, Social Media, VC firm, Web3, Web3 Fund

What do you think about the VC firm Seven Seven Six targeting $177 million for a new cryptocurrency fund called Kryptós? Let us know what you think about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today. Market Strategist Expects Stock Market to Drop 50% From Here, Says There"s "Going to Be No Middle Class Left" FINANCE | 2 days ago Bank of Russia Eases Restrictions on Purchases of Dollar and Euro Cash FINANCE | 3 days ago

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