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    SOL down 96.5% since its ATH: Will the Solana blockchain survive FTX?

    SOL down 96.5% since its ATH: Will the Solana blockchain survive FTX?

    The Human Rights Foundation funds the Bitcoin ecosystem (BTC) with $325,000

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    Waltio outlines strategy to reduce its taxation on cryptocurrencies

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    BlockFi files for bankruptcy after FTX collapse

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    Solana’s Phantom wallet opens to Ethereum and Polygon

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Polygon and Reddit co-founder allocate $200 million for Web 3.0

December 21, 2021
in News, Polygon
Polygon and Reddit co-founder allocate $200 million for Web 3.0

Polygon (MATIC) and Reddit co-founder Alexis Ohanian have announced the creation of a $200 million investment fund. The objective of the fund is to support Web 3.0 social networking and gaming projects.

200 million dollars for Web 3.0

Polygon (MATIC) and Reddit co-founder Alexis Ohanian’s Seven Seven Six venture capital fund have announced a $200 million investment fund.

The fund’s investment thesis is based on a simple observation: Web3 is still in its infancy and the “most obvious opportunities right now are in games and social networks.” The funded projects will be based exclusively on the Polygon Layer 2 solution.

Thus, the fund aims to encourage initiatives carrying “the open source ideals of the early Web.” Today’s social networking giants have moved away from that vision, suggests the announcement, which adds:

“As one Facebook engineer put it, the best minds of our generation are thinking about how to get people to click on ads.”

Interestingly, this is the second Web3 social network-focused fund announced by the Reddit co-founder since early November. Last month, he revealed a $100 million fund in partnership with Solana Labs.

Alexis Ohanian, a committed man

Alexis Ohanian co-founded Reddit in 2005 before leaving the project in 2010, though he returned from 2014 to 2020 as executive chairman before resigning last year.

The Reddit co-founder is well-versed in the crypto/blockchain industry as he has invested in the Coinbase exchange as well as the Axie Infinity (AXS) play-to-earn game, among others. He also revealed that he owns “a lot of Ether”.

Finally, the entrepreneur is a committed man who militates for a free internet, supporting in particular the piracy.

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