Alexis Ohanian’s VC Agency to Make investments $177 Million in Cryptocurrencies (Report)

Seven Seven Six – a US-based enterprise capital agency based by Reddit’s creator Alexis Ohanian – will reportedly increase a $177 million fund to spend money on the cryptocurrency market. The corporate plans to allocate the quantity straight into digital belongings which can be presently buying and selling means beneath their all-time excessive ranges.

Earlier this 12 months, Ohanian raised $500 million for Seven Seven Six. The funds had been meant to assist the event of early-stage cryptocurrency startups.

• Based on current protection by The Info, Seven Seven Six – launched a brand new fund referred to as “Kryptós.”
• The agency revealed that it’ll benefit from the crypto market’s decline and spend money on digital belongings, the costs of which costs presently are presently inexpensive.

“That is the perfect time to purchase in case you’re actually lengthy on the business. It’s on sale. All the pieces is on sale,” stated Katelin Holloway – Founding Accomplice at Seven Seven Six.

• The corporate’s entry into the market comes within the midst of crypto winter. Bitcoin, for one, is down over 70% since its ATH in November final 12 months, whereas Ether’s valuation (the second-largest digital asset by market cap) has decreased by almost 67%.
• Talking of Alexis Ohanian, it’s value mentioning that he’s a eager proponent of the crypto sector. Final summer time, he admitted proudly owning “lots” of Ethereum.

“I do suppose Ethereum [has], at the least for the subsequent 12 months or two, actually received essentially the most to show, or at the least essentially the most potential to point out one thing as a result of there are such a lot of attention-grabbing purposes,” he stated on the time.

• Earlier this 12 months, Reddit’s Co-Founder doubled down on his crypto endeavors by giving a slightly uncommon reward to his spouse – the well-known tennis champion Serena Williams. He made her an proprietor of a non-fungible token (NFT) from the BAYC assortment.

“First, I get you the SerenaPunk, now I get the pink ape you wished… you understand I’m solely gifting you NFTs any more, proper,” Ohanian commented beneath his spouse’s put up.