Reddit Co-Founder Ohanian to Raise Money for New Crypto Fund

Reddit co-founder Alexis Ohanian is eyeing $177.60 million for its new crypto venture, Kryptós.

Alexis Ohanian’s venture capital firm Seven Seven Six is looking to raise $177.6 million for its new fund dubbed Kryptós, which will be focused on Web 3 and digital currency, The Information has reported.

Registered as an investment adviser (RIA) in April, Seven Seven Six is now able to invest in cryptocurrencies directly. And the fund’s founding partner, Katelin Holloway, believes that the current market conditions are perfect for buying. 

“This is the best time to buy if you’re really long on the industry … It’s on sale. Everything is on sale.”

Seven Seven Six currently has 56 companies in its portfolio, including one of the most famous NFT project creators – Bored Ape Yacht Club’s Yuga Labs and QuickNode, a blockchain infrastructure company, with around $904 million in gross assets.

The way the fund plans to operate is charging a 2.5%  management with 25% of carried interest.

Ohanian, who founded Reddit at the age of 23 and was an early investor in Coinbase, is married to Serena Williams, who is also no stranger to investing in crypto and blockchain companies.

Serena, often called “the greatest tennis player of all time,” is the founder of Serena Ventures, a venture capital firm that manages over 30 companies, including crypto.

The couple even became co-investors in a Bitcoin (BTC) reward app Lolli last year.

In an interview with Bloomberg, Williams shared that her fund has been investing in a wide array of industries, including crypto, web3, NFTs, and the metaverse. She then added that it’s almost impossible to have a venture capital fund without a single investment in a digital asset-related startup these days.

The ongoing crypto winter seems to not have stopped the flow of investments in the cryptocurrency industry, with the biggest names in the market pitching in.

The investment behemoth Andreessen Horowitz (a16z) recently launched its fourth and biggest ever crypto fund worth $4.5 billion. 

A global macro hedge fund Brevan Howard Asset Management raised over $1 billion for its crypto hedge venture in August.

A16z has been pouring money not only into their fund but also financing other projects. The firm led a $50 million seed round for Gary Vaynerchuk’s latest NFT collection, VeeFriends. 

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