Reddit Co-Founder Creates $200M Initiative With Polygon for Web 3, Social Media

Polygon will provide the infrastructure for the projects that the initiative backs.

AccessTimeIconDec 17, 2021 at 3:00 p.m. UTC
Updated Dec 17, 2021 at 4:00 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

Reddit co-founder Alexis Ohanian’s venture capital firm Seven Seven Six and Polygon Network have created a $200 million initiative to invest in social media and Web 3-based projects.

  • The initiative will back projects that explore better ways for humans to connect online, Polygon announced Friday.
  • Polygon will provide the infrastructure for the projects that the initiative backs.
  • As a layer 2 project built on Ethereum, Polygon aims to solve the scalability problems associated with the main network, helping it handle a larger volume of data faster. It has become popular for decentralized applications (dapps), which numbered more than 3,000 as of October, while Ethereum suffered from congestion and high fees.
  • Ohanian co-founded news and content forum Reddit in 2005. He resigned as executive chairman last year and formed venture capital firm Seven Seven Six, which raised $150 million for its first fund.
  • He was also an early investor in the now publicly traded Coinbase crypto exchange in 2010.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

Trending

1
CoinDesk - Unknown
FTX Token DAO Raises $7M From Community of Sam Bankman-Fried Fans

The money is destined for a fund that will contribute to community-led projects across decentralized finance (DeFi) and crypto education.

CoinDesk - Unknown
2
CoinDesk - Unknown
Según Morgan Stanley, la demanda de GPUs podría ralentizarse si Ethereum pasa a proof-of-stake

El cambio tampoco resolverá los problemas de escala de Ethereum, según el informe.

CoinDesk - Unknown
3
CoinDesk - Unknown
First Mover Americas: Bitcoin Holds $21K as BTC Outflows Hit Record High

The latest moves in crypto markets in context for June 27, 2022.

CoinDesk - Unknown
4
CoinDesk - Unknown
Goldman Cuts Coinbase to ‘Sell’ Due to Fall in Crypto Prices and Industry Activity; Shares Drop

The company faces a difficult choice between shareholder dilution and effective employee compensation, the report said.

CoinDesk - Unknown