Reddit Co-Founders and Polygon Launch $ 200 Million Web 3.0 Social Media Initiative

On Friday, Polygon and Alexis Ohanian’s venture capital firm Seven Seven Six announced a $ 200 million initiative to support projects at the intersection of social media and Web 3.0. The initiative will focus on gaming applications and social media platforms based on Polygon’s infrastructure.

Ohanian co-founded Reddit in 2005, left the company in 2010 and returned as CEO in 2014 to lead a change before stepping down in 2020. He was a first-time investor in several well-known blockchain and technology companies such as Coinbase, Instacart, Sky Mavis, developer of Axie Infinity and Patreon.

As an Ethereum scaling solution, the Polygon ecosystem has expanded rapidly this year, with more than 3,000 decentralized applications integrated into its network. Earlier this month Polygon announced that it would provide up to 250 million MATIC tokens, valued at $ 627.5 million at the time, for the development of zero-knowledge technologies for complex decentralized financial applications.. Protocol launches and cross-chain migrations have been the main drivers of token price growth for much of this year.

Reddit Co-Founders and Polygon Launch $ 200 Million Web 3.0 Social Media Initiative
Reddit Co-Founders and Polygon Launch $ 200 Million Web 3.0 Social Media Initiative

Polygon Co-Founder, Sandeep Nailwal described social networking business models as “having a profound impact on our world,” particularly with regard to Web 3.0, a broad term that refers to the next generation of the Internet. With Web 3.0, “Users create value, control the network and reap the rewards”, He said.

The Polygon Partnership is not Ohanian’s first foray into Web 3.0 development. As Cointelegraph reported, the Reddit co-founder partnered with Solana Ventures in November to raise $ 100 million for various Web 3.0 initiatives.

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