Reddit Co-Founder’s VC Firm Seeks $177.6M to Invest in Tokens

A news source reported on Monday that Seven Seven Six, the venture capital group run by Reddit co-founder Alexis Ohanian, wants to launch a new $177.6 million cryptocurrency fund, dubbed Kryptós, to invest in tokens. The Kryptós fund will focus on tokens now available at a discount due to the fall in the cryptocurrency market. Katelin Holloway, a founding partner of Seven Seven Six, said that right now is the ideal moment to purchase if you have a long and rich history in the sector. Seven Seven Six has enrolled as an investment adviser with the US Securities and Exchange Commission (SEC). In April, it got the enrollment. Kryptos To Levy Investors Management Fee According to the fundraising documents, Kryptós will levy investors a 2.5% management fee. Following the papers, it will also earn carried interest, or a 25% portion of the fund’s profits, with a potential 35% stake if it returns five times or more capital. This is the company’s first fund with a cryptocurrency focus. The company has already raised two $500 million funds to invest in diverse sectors, including cryptocurrency. It oversees assets worth more than $900 million. Companies Raising Funds To Invest In Tokens High-profile venture capital companies are increasingly raising money to invest in tokens. Sequoia Capital acquired $500 to $600 million earlier this year to invest mainly in tokens and participate in project governance. A decentralized autonomous organiza...