Alexis Ohanian, one of the founders of Reddit, one of the largest sites in the world, will focus on the crypto money ecosystem with two new funds of 500 million dollars.
According to the Wall Street Journal, Ohanian directed 776 Management LLC The venture capital firm named Fiji has established two new funds to invest in startups working specifically on cryptocurrencies.
776 Management LLC has already invested in companies such as Sky Mavis, Lolli and CoinTracker in the cryptocurrency world. Speaking to WSJ, Ohanian said that two new funds have been established. “mostly by the end of this year” He said that crypto money projects will be included.
In the world of crypto money and blockchain, news of giant mutual funds comes one after another. According to media reports last month, Andreessen Horowitz is planning to set up two funds for the cryptocurrency sector. 4 billion 500 million dollars plans to raise capital.
In November 2021, another venture capital firm Paradigm 2 billion 500 million dollars It was announced that a new fund was established.
According to recent data shared by CB Insights, investment companies like this are more likely to invest in blockchain startups as they move from 2020 to 2021. by an eightfold in total worth more than $25 billion invested.