Polygon, Reddit co-founder’s venture capital firm launches a $200 million social media Web3 fund – Bitcoin News


The team behind Polygon (working on protocols for interconnecting blockchain networks such as Ethereum) and Alexis Ohanian’s 776 venture capital firm have announced a $200 million investment fund for blockchain-based social media project. According to the announcement, the partner’s mission is to try to connect blockchain, Web3 technology and social media.

Polygon and Alexis Ohanian’s 776 launched a $200 million fund dedicated to Web3, blockchain and social media

Polygon And Alexis Ohanian’s company Seven seven six According to a recent report by the Polygon team, the company plans to invest US$200 million to support the Web3 technology of social media through blockchain compatibility Blog postPolygon is known for its open source blockchain network Ethereum and its native token MATIC expansion and enhancement. Alexis Ohanian is known for co-founding the social media and news aggregation portal Reddit with Steve Huffman and Aaron Swartz. Ohanian’s venture capital company 776 is a software venture capital company established in 2020.

“The 776 of Polygon and Alexis Ohanian has created a $200 million plan that will support projects at the intersection of social media and Web3 to explore better ways for humans to connect online,” the Polygon team detailed on Friday . “The driving force behind Web3 is that a better version of the Internet is possible, and it can provide support for users through the platform. This is a response to a common perception that the current examples represented by social media giants and the early Web ‘S open source ideals are too far apart.”

The Polygon team added:

The result is that, just like the famous irony of a Facebook engineer, the smartest people of our generation are thinking 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 expansion and infrastructure solutions, enabling them to build Web3 applications for the world.

Alexis Ohanian: “The most obvious opportunity for Web3 now is gaming and social networking”

Polygon recently announced a US$200 million investment in social media and blockchain platforms Acquisition Mir agreement.Obtained before Hermez Network (now Polygon Hermez) In August, Polygon acquired the Ethereum expansion startup Mir for USD 250 million. Ohanian’s venture capital firm 777 has made multiple investments in blockchain and Web3, including Sky Mavis, Droneseed, Better Brand and Stoke Space.Ohanian Recently supported Heir to the NFT project 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 now are in gaming and social networking,” Ohanian said in a statement. “The plan will do this, focusing on game assets and social media platforms built on Polygon’s scalable infrastructure. We have seen some of the best product founders in our portfolio start developing on Polygon, and I am very I am glad that 776 and Polygon have played an important role in shaping the new Internet,” the co-founder of Reddit concluded.

Tags in this story

USD 200 million, $200 million fund, Alexis Ohanian, Better brand, Blockchain, Crypto assets, Drone seed, fund, gamble, Investment fund, Mir Agreement, Ohanian Ventures, Polygon, Polygon (MATIC), Polygon team, Seven seven six, Mother of the Sky, social media, Stoke Space, Network 3

What do you think of Polygon and Alexis Ohanian’s “Seven Seven Six” investment of US$200 million in blockchain and Web3 technologies related to social media platforms? Please tell us your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is the head of news at Bitcoin.com News and a fintech reporter living in Florida. Since 2011, Redman has been an active member of the cryptocurrency community. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 4,900 articles about destructive protocols emerging today for Bitcoin.com News.

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