According to a latest 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 referred to 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 referred to 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 elevate $177 million and it’ll put money into crypto belongings. Last April, Seven Seven Six was accredited 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 “potentially a unique opportunity” to acquire crypto funding autos “at a discount.” Now that Seven Seven Six is a registered funding advisor, it could possibly put money into digital belongings and handle the fund for a charge. Clark’s report additional cites one of many founding companions at Ohanian’s enterprise capital (VC) agency, Katelin Holloway, who’s quoted as saying “everything is on sale,” in the case of crypto funding autos Kryptós might purchase. Holloway additional added:
This is the very best 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 flexibility to speculate instantly into crypto belongings like BTC and ETH, it could possibly compete with funding funds supplied by Sequoia Capital and Andreessen Horowitz (a16z). Seven Seven Six plans to cost a 2.5% administration charge for Kryptós and the fund goals to go dwell in October 2022.
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