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Reddit Co-Founder Creates $200M Initiative With Polygon for Web 3, Social Media
Polygon will provide the infrastructure for the projects that the initiative backs.
Updated May 11, 2023, 5:52 p.m. UTCPublished Dec 17, 2021, 3:00 p.m. UTC
![Alexis Ohanian. (Shutterstock)](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F28e074d5136b6cf7b05d9b5314993224f336e9cd-1500x1434.jpg%3Fauto%3Dformat&w=3840&q=75)
Reddit co-founder Alexis Ohanian’s venture capital firm Seven Seven Six and Polygon Network have created a $200 million initiative to invest in social media and Web 3-based projects.
- The initiative will back projects that explore better ways for humans to connect online, Polygon announced Friday.
- Polygon will provide the infrastructure for the projects that the initiative backs.
- As a layer 2 project built on Ethereum, Polygon aims to solve the scalability problems associated with the main network, helping it handle a larger volume of data faster. It has become popular for decentralized applications (dapps), which numbered more than 3,000 as of October, while Ethereum suffered from congestion and high fees.
- Ohanian co-founded news and content forum Reddit in 2005. He resigned as executive chairman last year and formed venture capital firm Seven Seven Six, which raised $150 million for its first fund.
- He was also an early investor in the now publicly traded Coinbase crypto exchange in 2010.
Read more: Polygon Acquires Ethereum Scaling Startup Mir for $400M
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Jamie Crawley
Jamie joined CoinDesk as a news reporter in February 2021 after writing widely about crypto and blockchain for two years in other roles. Away from crypto, Jamie runs a lot and loves all things sport. He holds small amounts of BTC, ETH, ADA and LTC.
![Jamie Crawley](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F33778aa9a17ec6cac856c206e2a67ecf9465dcd0-1061x1061.png%3Fw%3D64%26h%3D64%26fit%3Dcrop%26crop%3Dfocalpoint%26auto%3Dformat&w=3840&q=75)