Reddit Co-Founder Attracts $177.6M in New Cryptocurrency Fund

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Seven Seven Six, the venture capital company of Reddit co-founder Alexis Ohanian, plans to launch a new $177.6 million crypto fund in October, The Information has reported.

According to the announcement:

“Now there is a unique opportunity to invest in strong founders at a discount.”

The fund will allegedly focus on buying cryptocurrencies like Bitcoin and Ethereum.

Founding partner Katelin Holloway has said:

“There is a sale going on.”

The management fee will be 2.5% of the assets under management, the success fee will be 25% of the profit (35% if the volume of the fund increases five times from the initial level).