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Sunday, December 4, 2022

Everything’s On Sale: 776 Fund Reddit Founder Galaxy And Genesis Execs Raise Huge Money

Kryptós, the name of 776’s fund, is planned to take advantage of the present bad market when it debuts in October.

Former and present executives are raising a $500 million fund from Galaxy Digital and Genesis. Reddit co-founder Alexis Ohanian’s venture capital (VC) firm Seven Seven Six (776) is seeking to raise $177.6 million for a cryptocurrency investment fund.

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The Information reported on Monday that 776’s fund Kryptós would debut in October to profit from the present bad market. It stressed that there are currently some marketable, bargain-basement token discounts.

To engage in cryptocurrency and manage cryptocurrency investment funds, the company filed with the United States Securities and Exchange Committee (SEC) to become an investment adviser in April.

776 Is Playing Crypto: 

Although 776 has invested in numerous blockchain and cryptocurrency initiatives, this will be the VC firm’s first fund only concerned with digital currency. It would charge investors a comparatively high 2.5% management fee and provide a 25% global profit-sharing plan.

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The nonfungible token (NFT) project for Doodles, the Web3 fantasy brand The Forgotten Runes Wizard’s Cult, and blockchain API and node infrastructure business QuickNode, to mention a few, are all included in 776’s investment portfolio, according to the company’s website.

The DBA Crypto Fund I, LP, a $500 million fund spearheaded by current and former Galaxy and Genesis executives, filed a Form D with the SEC on August 26.

There are currently few details available about the fund besides the group’s statement that it will be private equity and pooled investment vehicle.

Michael Jordan, the vice president of investments at Galaxy Digital, Joshua Lim, the head of derivatives at Genesis, and Roshun Patel, the former vice president of trading at Genesis, are the executives in charge of the fund. Shane Barratt, the CEO, and founder of the trading firm Convex Optimization Group completes the list of the managing members.

 

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