Reddit co-founder launches two venture capital funds to invest in cryptocurrencies

776 Management, a venture capital firm owned by Reddit co-founder Alexis Ohanian, will launch two funds to invest in cryptocurrencies. The total amount of funds will be $500 million.

According to The Wall Street Journal, citing a statement by Alexis Ohanian, the venture capital company plans to “translate the majority of the portfolio into cryptocurrencies by the end of the year.”

Previously, 776 Management has already invested in cryptocurrency firms. For example, funds were invested in Axie Infinity, Lolli and CoinTracker. In total, there are more than 30 transactions for investments in cryptocurrency projects.

In addition, four months ago, Ohanyan invested $100 million in the creation of a decentralized social network based on the Solana blockchain.

Recently, there are more and more large funds investing in the cryptocurrency industry. Last November, Wall Street veteran Matt Zhang partnered with Algorand to launch a $1.5 billion fund to develop blockchain and cryptocurrency startups.

Source: Bits

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