Galaxy and Genesis raise money

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It’s all on sale, and executives from Galaxy and Genesis raise a lot of money

Galaxy and Genesis raise money
Galaxy and Genesis raise money / Image Credit: CRYPKYP
1661936280 31 Aug / 08:58

While current and former executives from Galaxy Digital and Genesis are building a $500 million fund of their own, Reddit co-founder Alexis Ohanian's venture capital (VC) firm Seven Seven Six (776) is seeking to raise a crypto investment fund worth $177.6 million.

The Information said on August 29 that 776's fund "Kryptos" will debut in October to profit from the present bad market. It stressed that there are currently some marketable, bargain-basement token discounts.

Now is the ideal time to acquire if you have a particularly long history in the sector. It's at a discount. Katelin Holloway, the founding partner at Seven Seven Six, declared that everything was on sale.

To engage in cryptocurrency and manage cryptocurrency investment funds, the company registered with the Securities and Exchange Commission (SEC) to become an investment advisor in April.

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.

On its website, 776 claims that the companies in its investment portfolio include Yuga Labs, the company behind Bored Ape Yacht Club, the Doodles NFT project, the Forgotten Runes Wizard’s Cult, a Web3 fantasy series, and QuickNode, a blockchain API and node infrastructure startup.

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.

The only indications of the securities issued thus far are “pooled investment fund “interests” and “other.”

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 behind the fund. Shane Barratt, the CEO and founder of the trading firm Convex Optimization Group completes the list of the managing members alongside them.

The founder of Polygon, Sandeep Nailwal, raised $50 million for a new startup fund just for Web3 companies, according to a story from Cointelegraph on August 25. These crypto funds are not the only ones with well-known backers making news over the past week.

A week earlier, CoinFund also unveiled a $300 million early-stage Web3 venture fund to finance investments in cryptocurrency and other blockchain-related industries.

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