- Investors will charge a 2.5% management fee after the official launch in October.
- 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. Investors are now charged a 2.5% management fee since Kryptós made its official debut in October, and as a result, they receive a consistent 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 assert that a credit or debit card will work as payment and that one can store their cryptocurrency in Reddit Wallet after acquiring it.
Furthermore, the social network now offers more than 90 original designs. “Tens of thousands” of early adopters will have access to NFTs.
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