2 years ago
Reddit co-founder Alexis Ohanian’s task steadfast 776 Management plans to treble down connected crypto successful the coming year, having raised $500 cardinal crossed 2 caller funds, the Wall Street Journal reports.
The recently launched Funds II see an aboriginal stage-focused $300 cardinal vehicle, and a $200 cardinal money which volition put successful Series A and B rounds. The 2 caller funds volition propulsion 776’s portfolio to a bulk involvement successful crypto investments successful 2022, Ohanian told the Journal.
Currently, crypto investments relationship for astir 40% of the firm's portfolio, according to the Journal. They see play-to-earn pioneer Axie Infinity, bitcoin rewards startup Lolli and crypto taxation institution CoinTracker.
The oversubscribed money raising brings 776’s full assets nether absorption to $750 million, the steadfast said successful a property release.
VC wealth is flooding into crypto astatine the moment, with firms specified arsenic Paradigm, Sequoia and Tiger Global deploying billions of dollars into “Web 3,” a much decentralized mentation of the existing internet.
Ohanian was 1 of the aboriginal investors successful Coinbase, the San Francisco-based cryptocurrency speech which went nationalist past year astatine a valuation of implicit $85 billion. Most recently, 776 teamed up with Ethereum scaling level Polygon to make a $200 cardinal inaugural to put successful societal media and Web 3-based projects.
“We consciousness a heavy work to assistance usher successful this caller property of technology, with volition – some done the founders we take to put successful and however we enactment them successful their important work,” said Ohanian successful a statement.
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