Reddit cofounder Alexis Ohanian and Solana Ventures to launch $100m fund for Web3 investments

Seven Seven Six, the venture firm of Reddit cofounder Alexis Ohanian, together with Solana Ventures, will allocate $100 million to create a fund that will invest in the development of Web 3.0 and blockchain-based social networks. The announcement was made at Breakpoint conference.

Initially, a different fund size was announced — $50 million. However during a panel discussion, Solana Labs Chief Operating Officer Raj Gokal noted that, given the number of teams, this amount would be insufficient, and cited other figures.

“With a high-performance blockchain like Solana, there is an unprecedented opportunity to combine the social sphere and the crypto industry in a way that resembles a social product, but with an added incentive in the form of greater user empowerment,” said Ohanian.

Earlier, FTX CEO Sam Bankman-Fried подчеркнул that blockchain-based social networks could become absolutely huge. In his words, distributed-ledger technology will address the problems inherent in more traditional platforms.

Back in September 2021, BitClout founder Nader al-Naji raised $200 million to launch the decentralized social network DeSo.