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.
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.