Reddit Co-Founder Creates $200M Initiative With Polygon for Web 3, Social Media

Reddit co-founder Alexis Ohanian’s venture capital firm Seven Seven Six and Polygon Network have created a $200 million initiative to invest in social media and Web 3-based projects.

• The initiative will back projects that explore better ways for humans to connect online, Polygon announced Friday.
• Polygon will provide the infrastructure for the projects that the initiative backs.
• As a layer 2 project built on Ethereum, Polygon aims to solve the scalability problems associated with the main network, helping it handle a larger volume of data faster. It has become popular for decentralized applications (dapps), which numbered more than 3,000 as of October, while Ethereum suffered from congestion and high fees.
• Ohanian co-founded news and content forum 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 also an early investor in the now publicly traded Coinbase crypto exchange in 2010.

Read more: Polygon Acquires Ethereum Scaling Startup Mir for $400M