Alexis Ohanian, the co-founder of social media platform Reddit, has reportedly raised $500 million with the intent to invest primarily in crypto startups.
What Happened: According to a report from The Wall Street Journal on Tuesday, Ohanian’s venture firm 776 Management LLC will deploy the majority of the $500 million raised into two new funds focused on cryptocurrency.
“It will be the majority of the portfolio by the end of this year,” said Ohanian.
Ohanian has been a long-term advocate for the blockchain and cryptocurrency industry. Last year, he committed $100 million, along with Solana Ventures, to “build the next wave of social” on the Solana (CRYPTO: SOL) blockchain.
The Reddit co-founder also weighed in on Facebook’s rebrand to Meta Platforms Inc (NASDAQ:FB), calling the move a “masterstroke in distraction.”
“My hope for that future metaverse is it’s not governed by one company, but rather of the people and by the people,” he said at the time.
776’s recent raise also comes on the back of a wider trend by venture firms to bet big on the future of the digital asset industry.
Last month, Silicon Valley-based venture capital firm Andreessen Horowitz announced it had raised $4.5 billion for a new series of cryptocurrency funds.
Price Action: At press time, the market-leading cryptocurrency Bitcoin (CRYPTO: BTC) was trading at $38,100, down 1.87% in the last 24 hours.
Photo: Courtesy of redditinc.com
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