Reddit co-founder Alexis Ohanian said on Tuesday that he has teamed up with the Solana Foundation to invest $100 million in social-media ventures based on the Solana blockchain.
Alexis Ohanian made the announcement at the popular cryptocurrency’s recent Breakpoint conference in a conversation with Solana co-founder, Raj Gokal. Both individuals discussed the enormous potential of decentralized social media and the rapidity with which it may grow. Coindesk reported the news first.
Ohanian’s Seven Seven Six venture fund had set aside $50 million for the “next wave of social, built on Solana”. But he did not think it was enough. He disclosed that he increased the investment to $100 million.
High-Performance Solana – Reddit
“With a high-performance blockchain like Solana, there is an unprecedented opportunity to fuse social and crypto in a way that feels like a web2 social product but with the added incentive of empowering users with real ownership,” Ohanian said in a statement.
His pre-seed venture finance firm has a stellar track record so far. This is also due to the fact that many founders want to work with Ohanian, who is best known for founding Reddit and marrying tennis sensation Serena Williams.