- After its official debut in October, investors will be charged a 2.5% management fee.
- In the past, Reddit introduced a new avatar marketplace based on NFT.
Kryptós buys Bitcoin (BTC) and Ethereum (ETH) at a discount, using the current bear market as the entry point. Following Kryptós’ official debut in October, investors will be charged a 2.5% management fee and given a consolidated share of 25% of all profits. Payouts will increase to 35% if the fund expands to five times its current size.
Venture capital financing rises despite market slowdown
According to CrunchBase, since its founding in 2020, the company has managed nearly $750 million in total funds raised across three separate funds. Kryptós is the company’s first crypto-focused fund. The continued funding of cryptocurrencies like Seven Seven Six is evidence that the trend of funding has not abated despite the current market scenario.
To invest in what it calls “real-world blockchain infrastructure,” for example, Multicoin Capital announced a $450 million cryptocurrency fund last month. Sandeep Nailwal of Polygon and Kenzi Wang of Cere Network have formed a VC firm called Symbolic Capital with $50 million in funding to support promising newcomers to the Web3 industry.
In the past, Reddit introduced a new NFT-based avatar marketplace where users could purchase profile pictures created on the blockchain at a set price. They claim that a credit or debit card will be sufficient for payment and that a Reddit wallet can be used to hold the cryptocurrency after purchasing it.
Moreover, more than 90 unique designs have been provided on the social network. With “tens of thousands” of NFTs being made available to early adopters.
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Reddit will soon launch purchasable avatars
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