Polygon and Reddit Co-Founder Launch a $200 Million Initiative for Social Media and Web3
18 Dec, 2021•2 min read•Other
The co-founder of Reddit continues with his cryptocurrency involvement with a new joint venture with the popular blockchain project Polygon to help developments in the Web3 sector.
The press release shared with CryptoPotato informed that Seven Seven Six and Polygon plan to deploy $200 million for this new initiative. It will support startups aiming to work on social media platforms and Web3, or as the statement described them – protocols “exploring better ways for humans to connect online.” Ohanian co-founded the popular social media network Reddit in 2005, left in 2010, and returned as Chairman in 2014 before resigning again in 2020. He already has extensive experience with the cryptocurrency space, being a seed investor in Coinbase, Opendoor, Patreon, and more. Ohanian recently disclosed owning “a lot” of Ethereum and also partnered with Solana Ventures to invest $100 million in a decentralized social media. Speaking on the $200 million initiative with Polygon, he commented that Web3 is still in its very early stages and the “most obvious opportunities right now are in gaming and social,” before adding: “The initiative will do just that, with a focus on gaming properties and social media platforms built on Polygon’s scalable infrastructure. We have already seen some of the best products founders in our portfolio start building on Polygon, and I’m excited for Seven Seven Six and Polygon to play a big role in shaping what the new Internet looks like.”