With a new joint venture with the prominent blockchain project Polygon to aid advancements in the Web3 industry, the co-founder of Reddit continues his cryptocurrency participation.
Co-founder of Reddit announces $200 million initiative
Seven Seven Six, the venture capital firm founded by Reddit co-founder Alexis Ohanian, and Polygon Network have launched a $200 million effort to invest in social media and Web 3-based enterprises. For its initial fund, Seven Seven Six raised $150 million. In 2010, Ohanian was an early investor in the now publicly traded Coinbase cryptocurrency exchange.
On Friday, Polygon and Alexis Ohanian’s Seven Seven Six venture capital firm announced a $200 million project to foster ideas at the intersection of social media and Web 3.0.
Gaming applications and social media platforms developed on Polygon’s infrastructure will be the focus of the endeavor.
Ohanian co-founded Reddit in 2005, stepped down in 2010, then returned as executive chairman in 2014 to supervise the company’s recovery before retiring in 2020. He was a seed investor in Coinbase, Instacart, Sky Mavis (the designer of Axie Infinity), and Patreon, among other well-known internet and blockchain firms.
Polygon’s ecosystem as an Ethereum scaling solution has evolved quickly this year, with over 3,000 decentralized applications installed on its network.
Polygon announced earlier this month that it would invest up to 250 million MATIC tokens ($627.5 million) in the development of zero-knowledge solutions for sophisticated decentralized finance applications. Protocol launches and cross-chain migrations have been the most crucial drivers of its token price growth for the entire year.
Polygon’s team added: ”The result is, as one Facebook engineer famously quipped, the best minds of our generation are thinking about how to make people click ads. Polygon’s mission is to offer a wide range of secure, fast, affordable, and energy-efficient Ethereum scaling and infrastructure solutions for developers, empowering them to build Web3 applications for the world”.
Polygon’s recent acquisition of the Mir protocol prompted the announcement of a $200 million investment in social media and blockchain platforms. Polygon paid $400 million for the Ethereum scaling startup Mir, after previously purchasing the Hermez Network (now Polygon Hermez) for $250 million in August.
Sky Mavis, Droneseed, Better Brand, and Stoke Space are among the blockchain and Web3 startups that Ohanian’s venture fund, Seven Seven Six, has invested in. Ohanian has financed the NBA icon Michael Jordan and his son Jeffrey Jordan’s NFT project Heir.
What are your thoughts on Polygon and Alexis Ohanian’s Seven Seven Six spending $200 million in social media-connected blockchain and Web3 technology? In the comments section below, let us know what you think about this topic.