Seven Seven Six – a US-based venture capital firm founded by Reddit creator Alexis Ohanian – is said to have raised $177 million to invest in the cryptocurrency market. The company plans to allocate the amount directly to digital assets that are currently trading well below their all-time highs.
Earlier this year, Ohanian raised $500 million for Seven Seven Six. The funds were intended to support the development of cryptocurrency startups at an early stage.
- According to the latest coverage of the informationSeven Seven Six – Launched a new chest called “Kryptós”.
- The company revealed that it will take advantage of the downturn in the cryptocurrency market and invest in digital assets, the prices of which are currently more affordable.
“This is the best time to buy if you’ve been in business for a really long time. It’s on sale. Everything is for sale,” says Catelyn Holloway – co-founder of Seven Seven Six.
- The company’s entry into the market comes in the middle of the crypto winter. Bitcoin, for example, is down 70% since ATH last November, while the valuation of Ether (the second largest digital asset by market cap) is down nearly 67%.
- Speaking of Alexis Ohanian, it is worth noting that he is a staunch advocate of the cryptocurrency sector. Last summer, he admitted that he owns “a lot” of Ethereum.
“I think Ethereum [has]He said at the time, at least for the next year or two, I’ve really got the best that can be proven, or at least the most likely to show something because there are so many interesting applications.
- Earlier this year, the Reddit co-founder doubled down on his crypto efforts by making an unusual gift for his wife – famous tennis champion Serena Williams. Make it the owner of a non-fungible token (NFT) of the BAYC group.
Ohanian commented during his wife’s post, “First I get you SerenaPunk, now I get the pink monkey I wanted…You realize I only give you NFTs from now on.”
Alexis Ohanian’s VC Firm post to invest $177 million in Cryptocurrencies (report) first appeared on CryptoPotato.