Reddit Co-founder Launches Crypto-Focused Venture

• After official debut in October, investors will be charged a 2.5% management fee.
• In the past, Reddit introduced a new NFT-based avatar marketplace.

Seven Seven Six, the VC company founded by Reddit co-founder Alexis Ohanian, is seeking to raise $177.60 million for a new crypto-focused fund named Kryptós.

Kryptós purchases Bitcoin (BTC) and Ethereum (ETH) at a discount, using the current bear market as an entry point. After Kryptós’s official debut in October, investors will be charged a 2.5% management fee and given a uniform 25% share of all earnings. Payments will increase to 35% if the fund expands to be five times its present size.

Rise in VC Funding Despite Sluggish Market

According to CrunchBase, since its founding in 2020, the company has managed approximately $750 million in total money collected across three separate funds. Kryptós is the first cryptocurrency-focused fund from the company. The continued financing of cryptocurrencies like Seven Seven Six is evidence that the funding trend has not abated despite the current market scenario.

To invest in what it calls “real-world infrastructure in the blockchain space,” Multicoin Capital, for example, announced a $450 million cryptocurrency fund last month. Sandeep Nailwal of Polygon and Kenzi Wang of Cere Network have founded a crypto VC enterprise named Symbolic Capital with $50 million in funding to back promising newcomers to the Web3 industry.

In the past, Reddit introduced a new NFT-based avatar marketplace where users may buy profile photos created on the blockchain for a set price. They claim that a credit or debit card will suffice as payment and that Reddit Wallet may be used to hold one’s cryptocurrency after they have purchased it.

Furthermore, over 90 unique designs were made available on the social network. With “tens of thousands” of NFTs being made available to early adopters.

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