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 creates a $200M initiative with Polygon for web3 and Social Media

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.

Read: Financial advisory group LionTree exploring crypto payments options

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