Reddit co-founder-Polygon invests $200 million in Web3 social media


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[Blockchain Today Correspondent Soyeon Kim] Alexis Ohanian, co-founder of Reddit and leading Seven Seven Six, has partnered with Polygon to raise $200 million for social media on Web3. it started.

According to a Cryptopotato report on the 18th (local time), Seven Seven Six is ​​launching a new joint venture with Polygon, a popular blockchain project, to help develop the Web3 sector. Both companies plan to allocate $200 million to this new initiative. It supports startups targeting social media platforms and Web3, or protocols that are exploring better ways for humans to connect online, as described in the statement.

Alexis Ohanian co-founded the popular social media network Reddit in 2005 and left in 2010 before returning as chairman in 2014 before resigning again in 2020. He already has extensive experience in the cryptocurrency space as a seed investor in Coinbase, Opendoor, and Patreon.

Ohanion recently revealed that he owns a lot of Ethereum. It has also partnered with Solana Ventures to invest $100 million in decentralized social media.

Regarding the $200 million plan with Polygon, he said, “Web 3 is still in its infancy and the most obvious opportunities right now are games and social. is focused on “We’ve already seen some of the best product founders in our portfolio build on Polygon and we’re excited to see Seven Seven Six and Polygon play a major role in shaping the new Internet.”

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