Reddit co-founder Alexis Ohanian reveals plans to invest in building out a type of decentralized social media on Solana blockchain, as per his announcement at this time. Reddit co-founder Alexis Ohanian whereas discussing with Solana co-founder Raj Gokal, reveals through an announcement how he has a venture fund called 776 and in addition is planning to make use of $100 million for funding in the new wave of social media, built on Solana
Alexis Ohanian spoke on the Solana-focused conference Breakpoint at this time. He introduced that he can be earmarking $100 million for building social media on Solana.
Reddit co-founder Alexis Ohanian will be investing in building out a type of decentralized social media using the Solana blockchain, in keeping with an announcement at this time.
Throughout a hearth chat with Solana co-founder Raj Gokal, Reddit co-founder Alexis Ohanian mentioned, “One of the reasons why I’m right here is to announce — I’ve a venture fund referred to as 776 — we’re earmarking $50 million to put money into the next wave of social, built on Solana.”
Through the chat, Ohanian added that $50 million wasn’t sufficient in order that the plan is to extend the initiative to $100 million.
This comes a day after FTX CEO Sam Bankman-Fried stated that building social media on the blockchain might be “absolutely huge.”
Throughout his talk, Bankman-Fried claimed that decentralized social media might resolve a variety of ache factors. He pointed to pre-existing social media websites, which have large userbases, and said that integrations with these websites might help to scale DeFi to millions more customers.