Seven Seven Six, the venture capital firm led by Reddit co-founder Alexis Ohanian, plans to raise $177.6 million for a new fund focused on investments in cryptocurrency tokens, according to fundraising materials viewed by The Information.
The new fund, named Kryptós, will be the two-year-old firm’s first focused exclusively on crypto. It will seek to take advantage of the recent monthslong sell-off in cryptocurrencies like bitcoin and ethereum, which has extended to the digital tokens issued by blockchain startups. “Now is potentially a unique opportunity to invest in strong founders at a discount,” according to the fundraising materials. The firm expects to launch the fund in October, according to the materials.
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