Co-founded Of Reddit Launches A $177 Million Crypto Fund

Republished By Plato

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Alexis Ohanian, the co-founder of Reddit, plans to raise $177.60 million for Kryptós, a brand-new cryptocurrency-focused fund.

According to marketing materials for the fund obtained by The Information, this might be a one-of-a-kind chance to invest in successful entrepreneurs at a discount.

In order to enter the cryptocurrency market, Kryptós buys popular cryptocurrencies like Bitcoin (BTC) & Ethereum (ETH) at a discount.

“It’s discounted.” The Information was informed by founding partner Katelin Holloway that “everything is on sale.”

When Kryptós launches in October, it will charge investors a 2.5% service fee and provide a universal 25% profit-sharing plan. The dividend increases to 35% if the fund doubles in size to five times its current level.

According to CrunchBase, the company has been managing more than $750 million in total money raised across three separate funds since its founding in 2020. The company’s first cryptocurrency-focused fund is Kryptós.

Growing Interest in Cryptocurrencies

Another illustration of how crypto investment hasn’t decreased despite market conditions is Seven Seven Six.

For instance, Multicoin Capital unveiled a $450 million cryptocurrency fund last month with a focus on initiatives that create “real-world infrastructure in the blockchain realm.”

Sandeep Nailwal, the creator of Polygon, and Kenzi Wang, the creator of Cere Network, also established a cryptocurrency venture capital business named Symbolic Capital. They raised $50 million for this purpose.

“We [the founders] built blockchain companies from the ground up and are intimately familiar with the unique challenges that these projects face,” according to Nailwal, this is distinct from other efforts.

“When you look at the crypto VC landscape, it’s rare to find firms that were started by web3 founders. We built blockchain companies from the ground up and are intimately familiar with the unique challenges that these projects face” – @sandeepnailwal.

— Symbolic Capital (@symbolicvc) August 25, 2022