Reddit Co-founder Plans to Invest $117M in Cryptocurrency

• Seven Seven Six launched a new fund named “Kryptos” and takes advantage of the  crypto market decline 
• 776 makes use of the bear market to invest in industry players and crypto tokens while crypto is in its winter season.

Alexis Ohanian, the co-founder of Reddit, is planning to raise $177.6 million for a new venture capital fund focused on cryptocurrency investments. The fund, called Kryptos, is expected to be launched in October.

Ohanian’s venture capital firm, Seven Seven Six, has already invested in a number of crypto startups, including Bored Ape Yacht Club, Yuga Labs, and Invisible Universe. Kryptos will focus on investing in early-stage crypto projects with the potential for long-term growth.

“We believe that this is the best time to invest in crypto,” said Katelin Holloway, co-founder of Seven Seven Six. “The market is down, but the fundamentals are still strong. We’re looking for projects that have the potential to change the world.”

Kryptos will charge its investors a 2.5% management fee and will offer a 25% profit-sharing plan. The fund is expected to be oversubscribed, as there is a lot of interest from investors in the crypto space.

Ohanian is a vocal advocate for cryptocurrency and has said that he believes it has the potential to revolutionize the way we live and work. He is also a co-founder of the venture capital firm Initialized Capital, which has invested in a number of other technology startups.

The launch of Kryptos is a sign of the growing interest in cryptocurrency from venture capitalists. The crypto market has been volatile in recent months, but there is still a lot of optimism about the long-term potential of the technology.

Kryptos is not the only venture capital fund that is focused on cryptocurrency investments. Other notable funds include the $300 million fund from Coinfund and the $200 million fund from Shima Capital. These funds are all betting on the long-term potential of cryptocurrency and are looking to invest in projects that have the potential to change the world.