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Reddit founder Solana Dev joins forces for “Web3” investment

Şükriye Akdeniz

Nov 10, 2021

Reddit co-founder Alexis Ohanian announced that his firm Seven Six will be working with Solana Ventures to build decentralized Web3 projects

Reddit co-founder reports that Solana has joined forces with co-founder Raj Gokal to announce a $100 million initiative.
American internet entrepreneur Ohanian, known for being the co-founder of Reddit, gave information about millions of dollars of investment during the ongoing Solana Breakpoint Conference in Lisboa. The famous investor said that as the reason behind the investment, he wants to participate in the development of a decentralized social media platform based on the Solana Blockchain.
In an interview with Solana's co-founder Raj Gokal, Ohanian said that he plans to invest $50 million through the venture capital fund first.
However, Gokal added that the amount may not be enough. Therefore, it was stated that the entire investment could reach $100 million.
Ohanian said the following on the subject:
“With a high-performance blockchain like Solana, we see an unprecedented opportunity to combine social media and crypto with the incentive to make it feel like a web2 social product, but with the incentive to empower users with real ownership. We are at a crucial turning point in these early days of Web3 and I couldn't be more eager to partner with Solana to support the companies that are building this exciting new social era.”
Gokal added that Web3 projects can turn users into stakeholders, adding that this is "a change that will not come to social media anytime soon."
“Social media in the metadata will be a self-sufficient collection of millions of communities, and there is no one better than Alexis Ohanian to help us build this future.”

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