Alexis Ohanian’s Seven Seven Is Looking To Invest $177.6 Million In Crypto Tokens
The Information reported on Monday that Seven Seven Six, the venture capital firm run by Reddit co-founder Alexis Ohanian, intends to launch a new $177.6 million cryptocurrency fund to invest in tokens.
The Kryptós fund will focus on tokens that are discounted as a result of the cryptocurrency market collapse. Katelin Holloway, a founding partner of Seven Seven Six, told The Information that now is the ideal time to purchase if you have a lengthy history in the sector. “It’s on discount. Everything is discounted.”
Seven In order to invest in tokens, Seven Six has registered as an investment adviser with the US Securities and Exchange Commission. In April, it got the registration.
Kryptós will charge investors a 2.5% management fee – Alexis Ohanian
In accordance with the papers, it will also earn carried interest, or a 25% share of the fund’s profits, with a potential 35% stake if the fund returns five times or more capital.
This is the company’s first fund with a cryptocurrency emphasis. The company has already raised two $500 million funds to invest in a variety of sectors, including cryptocurrency. It oversees assets worth more than $900 million.
High-profile venture capital firms are increasingly raising money particularly to invest in tokens. Sequoia Capital raised $500 to $600 million earlier this year to invest mostly in tokens and take part in project governance. A decentralized autonomous organization, or DAO, was also recently established by Bessemer Venture Partners to link members of the crypto community for idea exchange, business growth, and tokenomics. The $250 million crypto fund was also just announced.
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