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

Alexis Ohanian, entrepreneur and husband of Serena Williams, watches the Women's Singles final match between Serena Williams of the United States and Bianca Andreescu of Canada on day thirteen of the 2019 US Open at the USTA Billie Jean King National Tennis Center in the Queens borough of New York City on Sept. 7, 2019. Clive Brunskill/Getty Images

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.