Reddit co-founder, Solana venture team up on $100 mln blockchain investment initiative

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NEW YORK, Nov 9 (Businesshala) – The venture firm of American investor Alexis Ohanian, co-founder of social media site Reddit, has teamed up with the venture arm of Solana Labs Blockchain for a $100 million investment initiative in decentralized social projects . Both firms said Tuesday at a conference in Lisbon.

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The companies said Ohanian’s venture firm Seven Seven Six would invest $50 million and Solana Ventures would invest the remaining $50 million.

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Ohanian said in a statement, “With high-performance blockchains like Solana, there is an unprecedented opportunity to make social and crypto feel like a Web2 social product in a way that, but in addition to empowering users with genuine ownership. With encouragement.”

“We are at a turning point in these early days of Web 3,” he said.

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According to data from digital asset manager CoinShares, Solana products and funds have attracted $154 million in investor money so far this year, making it the third-largest individual asset-focused investment behind Bitcoin and Ethereum.

“Web3 turns users and creators into owners and stakeholders, a change that can’t come quickly enough on social media,” said Raj Gokal, Chief Operating Officer, Solana Labs. “Social media in the metaverse will be a collection of millions of self-sustaining communities.”

In Web 3.0, users will be able to interact with data through artificial intelligence and machine learning.

Austin Federa, Solana’s head of communications, said Solana will be heavily focused in partnership with Ohanian’s firm, “but the future is cross-chain, so the initiative will consider all projects, regardless of chain.”

According to Statista, social media advertising generated $153.7 billion in revenue worldwide in 2021. Meta Inc., formerly known as Facebook, earned 85% of its revenue from advertising and is now trying to enter the Metaverse to monetize the successor to Mark Zuckerberg. mobile Internet. (Reporting by Gertrude Chavez-Dreyfus; Editing by Dan Grebler)

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