The crypto industry is gaining momentum despite the harsh market conditions. Reddit co-founder Alexis Ohanian’s venture capital firm Seven Seven Six is planning to raise $177.60 million. This is for a new crypto-focused fund called Kryptós.
Kryptós will charge a 2.5% management fee for investors upon its launch in October and offer an across-the-board 25% share of any profits made. If the fund grows to five times its current size, then the payout rises to 35%.
The firm has been managing over $750 million in total funds raised across three different funds since its inception in 2020. Kryptós is the firm’s first crypto-centric fund.
Seven Seven Six is another example of how, despite market conditions, crypto funding hasn’t slowed. While many crypto firms are folding up and many retrenching staffs, some have continued to build.
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