The venture capital (VC) firm Reddit co-founder Alexis Ohanian’s Seven Seven Six (776) is looking to raise a $177.6 million cryptocurrency investment fund, while current and former Galaxy Digital and Genesis execs are raising $500 million of their own..
The 776 Cryptocurrency Game
According to an August 29 report from The Information, 776’s “Kryptos” fund will be launched in October to take advantage of the current bear market. It was highlighted that there are currently some token discounts on the market that are ready to be taken advantage of.
“This is the best time to buy if you’re really interested in the long-term in the industry. It’s on sale. Everything is on sale,” Katelin Holloway said.founding member of Seven Seven Six.
The company registered with the Securities and Exchange Commission (SEC) to become an investment adviser in Aprilwhich allows you to invest in cryptocurrencies and manage cryptocurrency investment funds.
While 776 has invested in a number of crypto/blockchain projects, it will be the venture capital firm’s first fund focused exclusively on crypto assets. It will charge investors a relatively high management fee of 2.5% and will offer a universal 25% profit sharing plan.
According to the 776 website, its investment portfolio has exposure to the creators of Bored Ape Yacht Club, Yuga Labs, the Doodles NFT project, the Web3 fantasy franchise, Forgotten Runes Wizard’s Cult, and API and node infrastructure startup blockchain, QuickNodeto name a few.
Galaxy and Genesis
According to a Form D filed August 26 with the SEC, a $500 million fund run by current and former Galaxy and Genesis executives is called DBA Crypto Fund I, LP.
Details about the fund are scant at this stage, other than the group indicating it will be a pooled investment fund and a private equity fund..
In terms of values offered, the only indications so far are “pooled mutual fund interests” and “other”.
The group of executives behind the fund consists of Galaxy Digital’s vice president of investments, Michael Jordan; Genesis derivatives chief Joshua Lim; and former Genesis VP of Commerce Roshun Patel. Along with them, the CEO and founder of the trading company Convex Optimization Group, Shane Barrattcompletes the list of managing members.
These cryptocurrency funds are not the only ones with big names behind them that have grabbed the headlines in the past week, as Cointelegraph reported on Aug. 25 that Polygon founder Sandeep Nailwal had raised $50 million for a new startup fund dedicated to Web3 companies.
One week before, CoinFund also launched a $300 million seed-stage Web3 venture fund to invest in cryptocurrencies and other blockchain subsectors..
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