Alexis Ohanian, a co-founder of Reddit, wants to invest $177 million in the crypto sector. He is doing this not with his own funds, but with his ‘venture capital’ (VC) called Seven Seven Six. With this, this VC is entering the crypto market for the first time.
Everything is on sale
The US fund will be named “Kryptos“, which of course refers crypto. As such, the company will focus primarily on investing in cryptocurrencies. Ohanian believes that the crypto market is a good option for an investment thanks to its current volatility. Indeed, it would be the perfect opportunity to enter the sector, as reported by “The Information”.
According to Seven Seven Six Venture Capital, the Kryptós fund will invest mainly in crypto currencies that trade at “more affordable rates” after the market prices collapse. Katelin Holloway, Founding Partner at Seven Seven Six, even dares to say that it is in the sell-off. “This is the best time to buy if you are positive on the industry. Everything is on sale,” she argues.
That the company is confident in crypto, in the midst of a bear market, indicates that it expects prices to recover in the future. In this, they are not the first. Established companies like Alphabet (the umbrella company of Google) and, for example, BlackRock (the world’s largest asset manager) entered the crypto sector before.
Already familiar with crypto for some time
Ohanian has been watching these developments for some time, and now, he believes, it seems time to strike. The Reddit founder has been in the crypto market for some time. In fact, he has been a very early investor in bitcoin, calling it the best long-term value creation back in 2020.
Also this year, his platform Reddit – which is separate from Seven Seven Six – made a ‘avatar marketplace’ known. With this, platform participates in the NFT world. In addition, it has also had an official partnership with the Ethereum Foundation for some time.
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