- Alexis Ohanian has partnered with the Solana Foundation to invest $US100 ($AU135) million to build social-media projects on the solana blockchain.
- The amount is double the $US50 ($AU68) million investment that was initially planned.
- Ohanian’s comment comes a day after Sam Bankman-Fried said social media on the blockchain could be “absolutely huge.”
Alexis Ohanian, the co-founder of Reddit, on Tuesday said he has partnered with the Solana Foundation to invest $US100 ($AU135) million to build social-media projects on the solana blockchain.
Ohanian said his Seven Seven Six venture fund initially planned to earmark $US50 ($AU68) million for the “next wave of social, built on Solana.” But he did not think that was a sufficient amount, and revealed during Tuesday’s chat that the investment is now $US100 ($AU135) million.
“With a high-performance blockchain like Solana, there is an unprecedented opportunity to fuse social and crypto in a way that feels like a web2 social product but with the added incentive of empowering users with real ownership,” Ohanian said in a statement.
Thus far, his pre-seed venture capital firm has had an impressive track record. That’s in part because many founders are eager to partner with Ohanian, who’s best-known for the success of Reddit and for marrying tennis superstar Serena Williams.
Ohanian’s comment comes a day after FTX founder and CEO Sam Bankman-Fried said during the same conference that building social media on the blockchain could be “absolutely huge,” as first reported by The Block.