Alexis Ohanian, co-founder of Reddit, recently raised $500 million to fund 776 Management LLC, his venture capital company. According to him, the funds will be used primarily to “double down” investment in crypto startups.
More money for crypto
Wall Street Journal reported that Ohanian expressed confidence in growing crypto-related software and entrepreneurial activity. Accordingly, 40% of the company’s current funds are in this sector. The remainder is used to fund other projects such as climate change, space exploration, and food.
Mr. Ohanian stated that crypto investments will make up the majority of the portfolio by year’s end.
Two new funds are funded by the new capital. The $300 million 776 II Fund II was created to help early stage crypto startups before Seed A funding. The $200 million Arete Fund I is for companies with mature growth and larger Series A or B funding rounds.
The company’s main goal is to increase the participation of women in the cryptocurrency market. CNBC’s August study found that there are twice the number of male investors in cryptocurrency than females.
It also wants to make it easier to use crypto-based products. Customers won’t even have to know that they are using blockchain technology. This is evident in the current industry: crypto-linked debit and credit cards that allow merchants to accept cryptocurrency payments without their knowledge.
Ohanian’s love for the web 3
Ohanian’s company partnered last year with Solana Labs in order to invest $100 million into decentralized social media. He believes Solana’s “high-performance blockchain” could make the Web 3 dream come true. It combines Web 2 features with Web 1 users ownership and control. He doubled down on the Polygon initiative for $200 million a month later.
This investor is a veteran in the cryptocurrency industry, having previously been a seed investor in Coinbase and Opendoor. Web 3 is naturally a combination of his Reddit experience dating back to over 15 years.
Ohanian claimed that he owned “a lot” ETH in June and believed it had the greatest potential to be used in the crypto ecosystem.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.