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Polygon, Reddit Co-Founder’s VC Firm Launch $200 Million Social Media Web3 Fund – Bitcoin News

The crew behind Polygon, the protocol devoted to interconnected blockchain networks like Ethereum, and Alexis Ohanian’s Seven Seven Six enterprise capital firm have revealed a $200 million funding fund in blockchain-based social media initiatives. According to the announcement, the accomplice’s mission is to aim to bridge blockchain, Web3 expertise, and social media collectively.

Polygon and Alexis Ohanian’s Seven Seven Six Launch $200 Million Fund Dedicated to Web3, Blockchain, and Social Media

Polygon and Alexis Ohanian’s agency Seven Seven Six plan to bolster Web3 expertise with social media through blockchain compatibility with an funding of $200 million, in response to the Polygon crew’s most up-to-date blog post. Polygon is finest identified for its scaling enhancements with the open-source blockchain community Ethereum and its native token referred to as MATIC. Alexis Ohanian is well-known for co-founding the social media and information aggregation internet portal Reddit with Steve Huffman and Aaron Swartz. Ohanian’s enterprise capital firm Seven Seven Six is a software-enabling enterprise agency based in 2020.

“Polygon and Alexis Ohanian’s Seven Seven Six have created a $200 million initiative that will back projects at the intersection of social media and Web3, exploring better ways for humans to connect online,” the Polygon crew detailed on Friday. “The motivating force behind Web3 is that a better version of the Internet is possible, one which empowers users over platforms. It is a response to a pervading sense that the current instantiation as represented by the social media giants has strayed too far from the early Web’s open-source ideals.”

The Polygon crew added:

The result’s, as one Facebook engineer famously quipped, the perfect minds of our era are serious about make folks click on adverts. Polygon’s mission is to supply a variety of safe, quick, inexpensive, and energy-efficient Ethereum scaling and infrastructure options for builders, empowering them to construct Web3 purposes for the world.

Alexis Ohanian: ‘Web3’s Most Obvious Opportunities Right Now Are Gaming and Social’

The announcement to take a position $200 million into social media and blockchain platforms follows Polygon’s latest acquistion of the Mir protocol. After beforehand buying the Hermez Network (now Polygon Hermez) for $250 million in August, Polygon paid $400 million for the Ethereum scaling startup Mir. Ohanian’s enterprise agency, Seven Seven Six, has numerous investments in blockchain and Web3 together with Sky Mavis, Droneseed, Better Brand, and Stoke Space. Ohanian just lately backed the NFT undertaking 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,” Ohanian stated in an announcement. “This initiative will do just that, with a focus on gaming properties and social media platforms built on Polygon’s scalable infrastructure. We’ve already seen some of the best product founders in our portfolio start building on Polygon and I’m excited for Seven Seven Six and Polygon to play a big role in shaping what the new internet looks like,” the co-founder of Reddit concluded.

Tags on this story
$200 million, $200 Million Fund, Alexis Ohanian, Better Brand, Blockchain, crypto property, Droneseed, fund, Gaming, funding fund, Mir Protocol, Ohanian’s enterprise agency, Polygon, Polygon (MATIC), Polygon Team, Seven Seven Six, Sky Mavis, Social Media, Stoke Space, Web3

What do you concentrate on Polygon and Alexis Ohanian’s Seven Seven Six investing $200 million into blockchain and Web3 expertise tethered to social media platforms? Let us know what you concentrate on this topic within the feedback part under.

Jamie Redman

Jamie Redman is the News Lead at News and a monetary tech journalist residing in Florida. Redman has been an energetic member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open-source code, and decentralized purposes. Since September 2015, Redman has written greater than 4,900 articles for News in regards to the disruptive protocols rising right this moment.

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