Reddit Founder, Galaxy and Genesis Executives Raising Big Money

Reddit co-founder Alexis Ohanian’s venture capital (VC) firm Seven Seven Six (776) is seeking to raise a crypto investment fund worth $177.6 million, while executives current and former Galaxy Digital and Genesis are raising their own $500 million fund.

776’s crypto game

According to an August 29 report from The Information, 776’s “Kryptos” fund will launch in October to capitalize on the current bear market. He pointed out that there are cut-price token discounts in the market right now that are ripe for the taking.

“Now is the best time to buy if you are really long in the industry. This item is on sale. Everything is on sale,” said Katelin Holloway, founding partner of Seven Seven Six.

The company registered with the Securities and Exchange Commission (SEC) to become an investment adviser in April, which allowed it to invest in crypto and manage crypto investment funds.

While 776 has invested in a slew of crypto/blockchain projects, this will be the venture capital firm’s first fund to focus solely on crypto assets. It will charge investors a relatively heavy management fee of 2.5% and offer a universal incentive plan of 25%.

According to the 776 website, his investment portfolio is exposed to Bored Ape Yacht Club creators Yuga Labs, Doodles NFT Project, Web3 fantasy franchise The Forgotten Runes Wizard’s Cult, and node infrastructure startup and blockchain API, QuickNode, to name a few.

Galaxy and Genesis

According to a form D of August 26 deposit with the SEC, a $500 million fund run by current and former executives of Galaxy and Genesis is called the DBA Crypto Fund I, LP.

Details on the fund are scarce at this stage, other than the group indicating that it will be a mutual fund and a private equity fund.

In terms of securities offered, the only indications so far are “interest” from mutual funds and “other”.

Related: Crypto Biz: Crypto VC is back in force

The executive group behind the fund consists of Galaxy Digital vice president of investments Michael Jordan, Genesis derivatives chief Joshua Lim and former Genesis vice president of trading Roshun Patel. Alongside them, the CEO and founder of the trading company Convex Optimization Group, Shane Barratt, completes the list of leading members.

These crypto funds aren’t the only ones with big names behind them that have been making headlines over the past week, with Cointelegraph reporting on August 25 that Polygon founder Sandeep Nailwal raised $50 million. for a new start-up fund dedicated to Web3 companies.

A week before that, CoinFund also launched a $300 million Web3 venture capital fund to invest in crypto and other blockchain sub-sectors.