Reddit co-founder invests $ 100 million into blockchain-based social media platform Solana

 

An investment of $ 100 million will be made to build social media on the Solana blockchain in partnership with Reddit's co-founder

• The Solana Foundation has partnered up with Alexis Ohanian to invest $ 100 million into social-media projects using the Solana blockchain.

Founder of Reddit Alexis Ohanian announced on Tuesday that he is investing $ 100 million with the Solana Foundation to build social media projects on the Solana blockchain.

Raj Gokal, co-founder of the Solana Foundation, made the announcement during a talk at Breakpoint, the first conference organized by the foundation. Coindesk broke the news first.

On Tuesday, Ohanian revealed that his Seven Seven Six venture fund would invest $100 million in the "next wave of social, built on Solana." However, he decided that $50 million was not enough, and has been increasing the investment to $100 million.

As a result of high-performance blockchains such as Solana, it's possible to combine social and crypto in a way that feels like a web2 social product, but also empowers users with real ownership," Ohanian said in the statement.

The Block reported that FTX founder and CEO Sam Bankman-Fried said in the same conference that building social media on the blockchain could be "absolutely huge." Ohanian's comment follows Bankman-Fried's.