Alexis Ohanian, co-founder of Reddit, recently announced that he will invest $100 million into a Solana-based social media platform. Ohanian made this revelation while speaking at a conference, dubbed Breakpoint, which dissected Solana matters.
In a discourse with Solana co-founder Raj Gokal, Ohanian said:
“One of the reasons why I’m here is to announce — I have a venture fund called 776 — we’re earmarking $50 million to invest in the next wave of social, built on Solana.”
Ohanian later walked back his $50 million pledge stating that it was insufficient for the project’s magnitude. Instead, the Reddit co-founder doubled the sum to $100 million. In addition, he stated that the social media platform will be decentralized and backed by the Solana blockchain.
The announcement comes a day after FTX CEO Sam Bankman-Fried’s comments on blockchain technology meeting social media. Bankman-Fried described that prospect as a huge opportunity. Speaking at the same Breakpoint conference in Lisbon, the crypto exchange founder said:
“I think social media on the blockchain — I continue to think this could be absolutely huge. I think it solves a lot of existing pain points, which are really coming to the forefront of society right now.”
Furthermore, Bankman-Fried also suggested that DeFi could scale to millions of users by integrating it with existing social media platforms.
Image Credits: Pixabay
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