Polygon And Alexis Ohanian Launch $200M Fund For Web 3 Social Media

Polygon and Alexis Ohanian launched a $200 million fund for social media on Web3 and to support startups that aim to work on social media platforms and Web 3 so let’s read more today in our latest cryptocurrency news today.

Polygon and Alexis Ohanian launched a $200 million fund as the co-founder of Reddit continued with his crypto involvement with the joint venture with Polygon to help developments in the Web 3 sector. The press release informed that the new fund will support startups that aim to work on social media platforms and Web 3 as the statement described them as protocols that explore better ways for humans to connect online.

Ohanian co-founded the popular social media network Reddit in 2005 and left in 2010 but later became a chairman in 2014 before resigning again in 2020. He has a long history in the crypto space and he was even a seed investor in Coinbase, Patreon, and Opendoor. Ohanian disclosed owning a lot of ETH and partnering with Solana Ventures to invest 0 million in decentralized social media.
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Speaking on the $200 million initiative with Polygon, he said that Web3 is still in its early stages and the opportunities are now in the gaming and social sector:

“The initiative will do just that, with a focus on gaming properties and social media platforms built on Polygon’s scalable infrastructure. We have already seen some of the best products founders in our portfolio start building on Polygon, and I’m excited for Seven Seven Six and Polygon to play a big role in shaping what the new Internet looks like.”

As recently reported, Uniswap will get deployed on Polygon as the community voted so now the smart contracts will be deployed on Polygon and its Proof-of-Stake Chain. The AMM will be rollout on Polygon and on its third iteration so the motion was passed with 72 million votes in favor and 503,009 against that only shows the proposal was widely accepted by the UNI holders. Presented by Mihailo Bjelic as one of the co-founders of Polygon, he claimed that it’s the right moment to continue the community-driven initaitive. Bjelic claimed that Polygon was one of the strongest DeFi Ecosystems with an implementation that could boost Uniswap’s user base and promised the users they will boost adoption and will achieve the goals.