The Information reported that Kryptós, a new cryptocurrency-focused fund, is being launched by Seven Seven Six, a venture capital firm run by Alex Ohanian. The fund, whose debut is scheduled for October, intends to grow through what they refer to as “discount investments”.
The fund will buy the dip across cryptocurrencies during the market downtime to establish investments at the so-called “discounted rates”. Profits will be shared with investors across-the-board at the rate of 25 percent initially, with a 2.5 percent management fee per investor. Notably, the returns will potentially surge to 35% if Kryptós manages to record fivefold returns or more.
Registered as an investment advisor (RIA) in April this year, Seven Seven Six can now invest in cryptocurrency directly. The venture capital company has been behind a number of investments in the crypto and Web3.0 industry.
“This is the best time to buy if you’re really long on the industry. It’s on sale. Everything is on sale.” said the fund’s founding partner Katelin Holloway, reported The Information.
Last week, tensions were high when Bitcoin fell below the $20,000 mark due to the Federal Reserve’s decision to hike interest rates to combat inflation, however, the coin value rose again currently floating above the mark. Several crypto analysts maintain that the prevailing market conditions are temporary and a part of the growth trajectory.
Alex Ohanian is experienced in the field; Reddit recently introduced a marketplace where users could buy blockchain-based profile images without requiring a cryptocurrency wallet. Reddit’s wallet can pay for the “profile pictures” using a debit or credit card.
