Reddit Co-Founder and Solana Ventures Invest $100 Million to Build Social Media on Solana

By Benzinga
Benzinga
Benzinga
November 10, 2021 Updated: November 10, 2021

Alexis Ohanian, the co-founder of Reddit, told conference attendees on Tuesday that he has partnered with Solana Ventures to further the growth of decentralized social media projects on the Solana blockchain.

What Happened

According to a report from CoinDesk, Ohanian’s venture firm Seven Seven Six and Solana Ventures announced a $100 million commitment to “the next wave of social, built on Solana” at the Solana Conference in Lisbon.

Originally, the investment was meant to be $50 million but Ohanian reportedly increased the amount to $100 million after he deemed the original amount insufficient during an onstage discussion.

“With a high-performance blockchain like Solana, there is an unprecedented opportunity to fuse social and crypto in a way that feels like a [Web 2] social product but with the added incentive of empowering users with real ownership,” said Ohanian.

Earlier this month, Ohanian described Facebook’s rebrand to Meta Platforms Inc. as a “masterstroke in distraction.”

The Reddit co-founder said he hoped that the metaverse would be built organically from the bottom-up instead of a “top-down Facebook imposed one.”

“My hope for that future metaverse is it’s not governed by one company but rather of the people and by the people,” he said.

Price Action

Solana was trading 3.09 percent lower at $8.46 on the last check Wednesday. The coin hit an all-time high of $260 on Sunday.

By Samyuktha Sriram 

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

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