New Crypto Fund Launched by Reddit Co-Founder | Crypto

New Crypto Fund Launched by Reddit Co-Founder

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-Seven Seven Six, the venture capital firm founded by Reddit co-founder Alexis Ohanian, intends to make its first direct foray into the cryptocurrency industry and raise $177.6 million.
-The fund called Krypts would focus on investing in cryptocurrencies, citing the current market volatility as an ideal time to enter the industry, according to a story from The Information on August 29.
-According to the venture capital business, the Krypts fund will invest mainly in cryptocurrencies that trade more reasonably after the market price decline.
-Seven Seven Sixs foray into digital assets is a result of its April registration as an investment adviser, which permits it to invest in cryptocurrencies.
-Investors will receive a 25% carried interest.
-According to the funds promotional materials, investors would be paid a 2.5% management fee, making them eligible to earn a carried interest of 25%. The returns might increase to 35% if Krypts achieves fivefold or more significant profits.
-The venture capital firms entry into cryptocurrencies during a period of falling prices shows that the firm is relying on a future market recovery.
-Notably, this is not the first time Ohanian has been involved in crypto since Reddit has made significant inroads into the industry.

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