Reddit and Solana cofounders to launch a $100 M fund for Web 3.0 investments

Seven Seven Six, a venture investment company run by Alexis Ohanian, and Solana Ventures announced the launch of an investment fund to support Web 3.0 development and blockchain-based social networks. The news appeared during the Breakpoint online conference.

Earlier, the partnership was supposed to run a $50 M investment fund; meanwhile, Solana Labs COO, Raj Gokal, highlighted this sum insufficient to match the ideas the fund is based upon. As such, the investment capital was increased to $100 million.

Alexis Ohanian commented on the fund’s perspectives: “With the high-performance Solana blockchain, we’ve got an opportunity to combine the social industry with the crypto world. The initiative enables us to deploy a high-quality social product with enhanced rights and opportunities of users.”

The horizons for blockchain-based social networks are truly unlimited, as the industry looks like uncharted territory right now. Corporations commenced discovering the industry and found a set of opportunities there.

Earlier, in September, BitClout founder, Nader Al-Naji, announced that he had attracted investments worth $200 million to launch the DeSo decentralized social network.