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Polygon, Reddit Co-Founder’s VC Firm, Launches $ 200M Social Media Web3 Fund – Crypto News

The team behind Polygon, the protocol for interconnected blockchain networks like Ethereum, and Alexis Ohanian’s venture capital firm Seven Seven Six have uncovered a $ 200 million investment fund for blockchain-based social media projects. According to the announcement, the partner’s mission is to try to connect blockchain, Web3 technology and social media together.

Polygon and Alexis Ohanian’s Seven Seven Six are launching a $ 200 million fund for Web3, blockchain, and social media

Polygon and Alexis Ohanian’s company Seven seven six plan to empower Web3 technology with social media via blockchain compatibility with a $ 200 million investment, according to the youngest of the Polygon team blog entry. Polygon is best known for its scaling improvements with the open source blockchain network Ethereum and its native token called MATIC. Alexis Ohanian is known for co-founding the social media and news aggregation web portal Reddit with Steve Huffman and Aaron Swartz. Ohanian’s venture capital company Seven Seven Six is ​​a software-based venture company founded in 2020.

“Polygon and Alexis Ohanian’s Seven Seven Six have launched a $ 200 million initiative that will support projects at the intersection of social media and the Web3 to explore better ways for people to connect online,” explained the Polygon team on Friday. “The motivating force behind Web3 is that a better version of the Internet is possible that empowers users across platforms. It is a response to a pervasive feeling that the current instantiation as represented by the social media giants has strayed too far from the open source ideals of the early web. “

The Polygon team added:

The result is, as one Facebook engineer famously quipped, the best minds of our generation think about how to get people to click on ads. Polygon’s mission is to provide developers with a wide range of secure, fast, affordable and energy efficient Ethereum scaling and infrastructure solutions that will enable them to build Web3 applications for the world.

Alexis Ohanian: “The most obvious possibilities of Web3 right now are gaming and social”

The announcement to invest $ 200 million in social media and blockchain platforms follows Polygon’s most recent Acquisition of the Mir protocol. After purchasing the Hermez network (now Polygon Hermez) for $ 250 million, Polygon paid $ 400 million for the Ethereum scaling startup Mir in August. Ohanian’s venture firm Seven Seven Six has a number of blockchain and Web3 investments, including Sky Mavis, Droneseed, Better Brand, and Stoke Space. Ohanian recently supported the NFT project Heir, co-founded by NBA legend Michael Jordan and his son Jeffrey Jordan.

“We are still in the early days of Web3 and the most obvious opportunities right now are in gaming and social media,” Ohanian said in a statement. “This initiative will do just that, with a focus on gaming features and social media platforms built on Polygon’s scalable infrastructure. We have already seen some of the best product founders in our portfolio building on Polygon and I am excited that Seven Seven Six and Polygon will play a huge role in shaping the new Internet, ”concluded Reddit Co-Founder.

What do you think of Polygon and Alexis Ohanian’s Seven Seven Six investing $ 200 million in blockchain and Web3 technology connected to social media platforms? Let us know what you think on this matter in the comments below.

Jamie Redman

Jamie Redman is the News Lead at News and a Florida-based financial tech journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. As of September 2015, Redman has written more than 4,900 articles for News on the disruptive protocols emerging today.

Photo credits: Shutterstock, Pixabay, Wiki Commons

Source: Crypto News Austria

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