Alexis Ohanian’s VC Firm to Invest $177 Million in Cryptocurrencies (Report)
Seven Seven Six – a US-based venture capital firm founded by Reddit’s creator Alexis Ohanian – will reportedly raise a $177 million fund to invest in the cryptocurrency market. The company plans to allocate the amount directly into digital assets that are currently trading way below their all-time high levels.
Earlier this year, Ohanian raised $500 million for Seven Seven Six. The funds were meant to support the development of early-stage cryptocurrency startups.
According to recent coverage by The Information, Seven Seven Six – launched a new fund called “Kryptós.”
The firm revealed that it will take advantage of the crypto market’s decline and invest in digital assets, the prices of which prices currently are currently affordable.
“This is the best time to buy if you’re really long on the industry. It’s on sale. Everything is on sale,” said Katelin Holloway – Founding Partner at Seven Seven Six.
The company’s entry into the market comes in the midst of crypto winter. Bitcoin, for one, is down over 70% since its ATH in November last year, while Ether’s valuation (the second-largest digital asset by market cap) has decreased by nearly 67%.
Speaking of Alexis Ohanian, it is worth mentioning that he is a keen proponent of the crypto sector. Last summer, he admitted owning “a lot” of Ethereum.
“I do think Ethereum [has], at least for the next year or two, really got the most to prove, or at least the most potential to show something because there are so many interesting applications,” he said at the time.
Earlier this year, Reddit’s Co-Founder doubled down on his crypto endeavors by giving a rather unusual gift to his wife – the famous tennis champion Serena Williams. He made her an owner of a non-fungible token (NFT) from the BAYC collection.
“First, I get you the SerenaPunk, now I get the pink ape you wanted… you realize I’m only gifting you NFTs from now on, right,” Ohanian commented under his wife’s post.
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