The co-founder of Reddit to partner on $100 million investment to build social media on the solana blockchain

Alexis Ohanian, Reddit co-founder, at the Solana conference in Lisbon
Alexis Ohanian, Reddit co-founder, at the conference in Lisbon Solana
  • 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.

The announcement was made during a chat with solana co-founder Raj Gokal at Breakpoint, the first conference organized by the Solana Foundation. Coindesk was the first to report the news.

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.

The crowd during the fireside chat of Alexis Ohanian at the Breakpoint conference
The crowd during the fireside chat of Alexis Ohanian at the Breakpoint conference Solana

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.