Reddit co-founder Alexis Ohanian is eyeing $177.60 million for its new crypto venture, Kryptós.
Alexis Ohanian’s venture capital firm Seven Seven Six is looking to raise $177.6 million for its new fund dubbed Kryptós, which will be focused on Web 3 and digital currency, The Information has reported.
Registered as an investment adviser (RIA) in April, Seven Seven Six is now able to invest in cryptocurrencies directly. And the fund’s founding partner, Katelin Holloway, believes that the current market conditions are perfect for buying.
“This is the best time to buy if you’re really long on the industry … It’s on sale. Everything is on sale.”
Seven Seven Six currently has 56 companies in its portfolio, including one of the most famous NFT project creators – Bored Ape Yacht Club’s Yuga Labs and QuickNode, a blockchain infrastructure company, with around $904 million in gross assets.
The way the fund plans to operate is charging a 2.5% management with 25% of carried interest.
Ohanian,...
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