$177 million investment in crypto industry from Reddit co-founder!
Reddit co-founder's VC fund will invest $177 million in the crypto industry!
Reddit co-founder Alexis Ohanian's venture capital (VC) firm Seven Seven Six plans to make its first direct entry into the crypto space, aiming to raise $177.6 million in funding.
$177 million investment in crypto industry from Reddit co-founder!
The fund, called 'Kryptós', will focus on investing in cryptocurrencies while describing the ongoing market volatility as an excellent opportunity to enter the industry, The Information reported on August 29.
According to the VC firm, the Kryptós fund will primarily invest in cryptocurrencies that trade at more favorable rates following the drop in market prices.
“If you've been in the industry for a really long time, this is the best time to buy. On sale. "Everything is on sale," said Katelin Holloway, Co-Founder of Seven Seven Six .
The entry into digital assets follows Seven Seven Six's record as an investment advisor in April that allowed him to invest in cryptocurrencies.
According to the funding material, investors in the fund will be charged a 2.5% management fee that allows them to earn 25% on the carried interest. In particular, if Kryptós manages to record returns of five times or more, the returns will potentially rise to 35%.
The VC firm's foray into crypto amid crashing prices indicates that the company is betting on the market to rally in the future. In keeping with this perspective, several crypto analysts argue that current market conditions are temporary and are part of the growth trajectory.
Source: Erhan Doğru by teknolojioku.com
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