A VC firm headed by co-founder of Reddit seeks to invest in crypto.

Seeking $177.6 million to invest in tokens.

The firm Seven Seven Six led by Alexis Ohanian has plans to raise $177.6 million crypto fund. The fund is created to to invest in tokens.

The fund is dubbed Kryptós and will focus on tokens that are discounted due to the bear market stating that everything is on sale.

The company has been registered as an investment advisor with the US SEC-Securities and Exchange Commission and received registration this past April.

The firm will charge 2.5% to all investors as a management fee  and will also receive carried interest, which is better described as a share of the profits from the fund, at 25-35% depending upon the amount of return.

Seven Seven Six has produced two funds worth $500 million across various industries and manages over $900 million in assets. The company is not alone in this type of venture as other firms have created funds for crypto investment as well. Sequoia Capital raised $500 to $600 million to invest in tokens and governance projects.

Leave a Reply