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Seven Seven Six, a venture capital firm led by Reddit Co-Founder Alexis Ohanian, is reportedly raising $177.6 million for its new cryptocurrency fund called Kryptos to invest in highly potential tokens, The Information has learned, citing sources close to the matter.
The firm reportedly told investors in the brochure it wants to capitalize on a potentially "unique opportunity" to invest in "strong founders at a discount." Seven Seven Six wants to launch the fund in October, although no final date has been revealed. Seven Seven Six founding partner Katelin Holloway said:
"This is the best time to buy if you're really long on the industry. It's on sale. Everything is on sale."
In February, Seven Seven Six led Rainbow's $18 million funding round. Prior to that, iHodl reported that Ohanian's venture firm raised $500 million for two new funds to invest in crypto startups. So far, Seven Seven Six publicly backed Axie Infinity, Lolli, and CoinTracker.
