Alexis Ohanian’s venture capital (VC) firm, Seven Seven Six (776), wants to start a $177.6 million crypto investment fund, while current and former Galaxy Digital and Genesis executives are building a $500 million fund of their own.
776’s crypto maneuver
The Information reported on August 29 that 776’s “Kryptos” fund will open in Octoberto takeo advantageofn the current weak market.It was emphasised that some bargain bin token discounts are now available on the market..
“Now is the perfect moment to buy if you are a long-term investor in this business. There is a sale. Everything is on sale, said Seven Seven Six’s founding partner, Katelin Holloway.
In April, the company signed up with the Securities and Exchange Commission (SEC) to become an investment advisor. This lets it invest in cryptocurrency and manage cryptocurrency investment funds.
While 776 has already invested in a number of crypto/blockchain businesses, this will be the firm’s first crypto-only fund. It will charge investors a management fee of 2.5% and provide a profit-sharing plan of 25%.
According to 776’s website, its investment portfolio includes Bored Ape Yacht Club founders Yuga Labs, the Doodles NFT project, Web3 fantasy series The Forgotten Runes Wizard’s Cult, and blockchain API and node infrastructure business QuickNode.
Galaxy and Creation
The DBA Crypto Fund I, LP is a $500 million fund run by current and former Galaxy and Genesis executives, according to a Form D filing with the SEC on August 26.
The consortium has said that the fund would be both a pooled investment fund and a private equity firm, but not much more information is available at this time.
So yet, the only indicators about the offered securities are “pooled investment fund interests” and “other.”
Galaxy Digital’s vice president of investments, Michael Jordan, Genesis’s head of derivatives, Joshua Lim, and former Genesis vice president of trading, Roshun Patel, are the group of executives behind the fund. Shane Barratt, who started and is CEO of the trading company Convex Optimization Group, is the last member of the management team.
Asian Trade reported on August 25 that Polygon creator Sandeep Nailwal had gotten $50 million for a new Web3-focused startup fund. He was one of a number of well-known people who had been in the news in the past week.
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A week earlier, CoinFund also announced a $300 million Web3 early-stage venture fund to invest in crypto and other blockchain-related subsectors.