Alex Ohanian’s venture capital firm Seven Seven Six, is launching a new crypto-focused fund Kryptós, The Information reported. Set to launch in October, the fund is looking to build through what they describe as “discount investments”.
The fund will buy the dip across cryptocurrencies during the market downtime to establish investments at the so called “discounted rates”. Profits will be shared with investors across-the-board at the rate of 25 percent initially, with a 2.5 percent management fee per investor. Notably, the returns will potentially surge to 35% if Kryptós manages to record fivefold returns or more.
Registered as an investment advisor (RIA) in April this year, Seven Seven Six can now invest in cryptocurrency directly. The venture capital company has been behind a number of investments in the crypto and Web3.0 industry.
“This is the best time to buy if you’re really long on the industry … It’s on sale. Everything is on sale.” said the fund’s founding partner Katelin Holloway, reported The Information.
Last week, tensions were high when Bitcoin fell below the $20,000 mark as a result of the Federal Reserve’s decision to hike interest rates to combat inflation, however, the coin value rose again currently floating above the mark. Several crypto analysts maintain that the prevailing market conditions are temporary and a part of the growth trajectory.
Alex Ohanian is no beginner in the industry, last month, Reddit launched a marketplace that allows users to buy blockchain based profile pictures that users do not need to have a crypto wallet to purchase. The ‘profile pictures’ can be purchased using a debit or credit card and stored in Reddit’s wallet.
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