Polygon and VC company Seven Seven Six have set up a $ 200 million Web3 social networking fund
The team behind Polygon, the protocol for interconnected blockchain networks like Ethereum, and Alexis Ohanian’s venture capital firm Seven Seven Six have uncovered a $ 200 million fund to invest in traditional blockchain-based social media.
According to the announcement, the aim of the partnership is to try to combine blockchain, Web3 technology and social media.
Polygon is best known for its scaling innovations with the open source blockchain network Ethereum and the native MATIC token.
Meanwhile, Alexis Ohanian founded the social network and news aggregator Reddit with Steve Huffman and Aaron Swartz. Ohanian Seven Seven Six Ventures is a software-based venture company founded in 2020.
“Polygon and the Seven Seven Six by Alexis Ohanian launched a $ 200 million initiative to support projects at the intersection of social media and the Web3 to explore better ways to connect people online. The driving force behind Web3 is a better version of the Internet that gives users more options across platforms. ”
“As one famous Facebook engineer quipped, the best minds of our generation think about how to get people to click on ads. Polygon’s mission is to provide developers with a wide range of secure, fast, affordable, and energy efficient Ethereum infrastructure and scaling solutions that enable them to develop applications. Web3 for the world. ”
Alexis Ohanian: “The most obvious opportunity for Web3 right now is games and society”
After acquiring Hermez Network (now Polygon Hermez) in August for $ 250 million, Polygon paid $ 400 million for Ethereum scaling startup Mir. Ohanian’s joint venture, Seven Seven Six, has a number of blockchain and Web3 investments, including Sky Mavis, Droneseed, Better Brand, and Stoke Space.
“We are still in the early days of Web3 and the most obvious options right now are games and social media. This initiative will do just that, and will focus on gaming features and social media platforms built on Polygon’s scalable infrastructure. We’ve seen some of the best product founders in our portfolio start building on Polygon, and I’m excited that Seven Seven Six and Polygon will play a huge role in shaping the new internet, “concluded Reddit Co-Founder.
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