$200 million investment initiative for Web 3

Ethereum scaling solution Polygon and Reddit co-founder Alexis Ohanian’s venture capital firm Seven Seven Six have formed a $TWO HUNDRED million joint venture to invest in Web 3 social media and gaming projects. It has been introduced that the fund will put money into startups in response to Polygon technology.

Each firms prioritize contributing to an even web international the place users’ information is under their keep an eye on and privateness is predicated. i feel we’re in the early days of three and presently essentially the most possibilities are within the gaming and social spaces. The startup created will take care of gaming parts and social media structures built on Polygon’s scalable infrastructure. Seven Seven Six and Polygon will play crucial role in shaping the new web.”

Remaining month, Ohanian and Solana’s project capital arm Solana Ventures announced that they have based a joint investment fund of $ONE HUNDRED million to give a boost to Web 3.0 projects.

Ohanian He based Reddit in 2005, left in 2010, and lower back as chairman of the board in 2014. In 2020, he resigned and based the venture capital fund Seven Seven Six. In 2010, he founded Initialized Capital, which invests in corporations similar to Coinbase, Instacart, Opendoor, GOAT, Patreon at an early stage. He currently maintains his tasks as a founder at Seven Seven Six and co-founding father of Initialized Capital.