Reddit co-founder creates a $200M initiative with Polygon for web3 and Social Media
The initiative will back projects that explore better ways for a human to connect online, Polygon declared on Friday.
Reddit co-founder Alexis Ohanian's venture capital firm seven seven six and Polygon Network have made a $200 million initiative to invest in social media and Web 3 based projects.
As a layer 2 project based on Ethereum, Polygon aims to solve the scalability issues associated with the main network, helping it handle a larger volume of data faster. it has October, while Ethereum suffered from congestion and high fees.
Ohanian co-founded news and content platform 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 additionally an early investor in the now public Coinbase crypto exchange in 2010.