The fund under Seven Seven Six once planned to raise 176 million, but the current size is only 6 million dollars
ChainCatcher news, Reddit co-founder and Seven Seven Six (776) leader Alexis Ohanian stated in an interview with Forbes that after obtaining the RIA license in 2022, Seven Seven Six immediately began raising a $176 million cryptocurrency fund in August of that year. However, as the crypto market cooled and FTX collapsed, the fund currently stands at about $6 million. Ohanian attributed this to "timing issues."In addition, The Information cited investor documents reporting that 30% of the $776 million planned fundraising, which is expected to be announced later this year, will be used to invest in Web3 startups.Previous reports indicated that at the end of August last year, 776 was raising a $177.6 million cryptocurrency investment fund. The fund, named Kryptós, will be the company's first investment fund focused on the crypto sector, aimed at investing in crypto startups. (Forbes)