According to a current report, the enterprise capital agency based by Alexis Ohanian, Seven Seven Six, is planning to boost $177 million for a new crypto-centric fund. The new Seven Seven Six fund known as Kryptós will consider 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 printed a report that famous Reddit co-founder Alexis Ohanian’s Seven Seven Six is elevating cash for a new crypto-focused fund known as Kryptós. The firm has been behind a variety of investments tethered to the crypto and Web3 business. For occasion, Seven Seven Six led the Ethereum Web3 pockets platform Rainbow’s $18 million funding spherical.
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 seeking to increase $177 million and it’ll put money into crypto belongings. Last April, Seven Seven Six was authorised to function as a registered funding advisor (RIA), and Clark stories that her publication learn the Kryptós fund advertising and marketing paperwork.
The Kryptós fund paperwork notes that there’s “probably a distinctive alternative” to acquire crypto funding automobiles “at a low cost.” Now that Seven Seven Six is a registered funding advisor, it could put money into digital belongings and handle the fund for a price. Clark’s report additional cites one of many founding companions at Ohanian’s enterprise capital (VC) agency, Katelin Holloway, who’s quoted as saying “every part is on sale,” in the case of crypto funding automobiles Kryptós might purchase. Holloway additional added:
This is the perfect time to purchase for those who’re actually lengthy on the business.
The crypto winter has not slowed VCs and companies seeking to put money into crypto-related merchandise, tasks, tokens, and corporations in 2022. With the power to take a position instantly into crypto belongings like BTC and ETH, it could compete with funding funds provided by Sequoia Capital and Andreessen Horowitz (a16z). Seven Seven Six plans to cost a 2.5% administration price for Kryptós and the fund goals to go reside in October 2022.
What do you consider the VC agency Seven Seven Six focusing on $177 million for a new cryptocurrency fund known as Kryptós? Let us know what you consider this topic within the feedback part under.
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