reddit-co-founder-to-invest-$100-million-in-social-media-on-solana

Reddit co-founder to invest $100 million in social media on Solana

Reddit co-founder Alexis Ohanian will be investing in building out a form of decentralized social media using the Solana blockchain, according to an announcement today.

During a fireside chat with Solana co-founder Raj Gokal, Reddit co-founder Alexis Ohanian said, “One of the reason why i’m here is to announce — I have a venture fund called 776 — we’re earmarking $50 million to invest in the next wave of social, built on Solana.”

During the chat, Ohanian added that $50 million wasn’t enough so that the plan is to increase the initiative to $100 million.

This comes a day after FTX CEO Sam Bankman-Fried said that building social media on the blockchain could be “absolutely huge.”

During his talk, Bankman-Fried claimed that decentralized social media could solve a lot of pain points. He pointed to pre-existing social media sites, which have massive userbases, and stated that integrations with these sites could help to scale DeFi to millions more users.

Update: An earlier version of this story misattributed the increase in size to Gokal.

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© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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