Reddit Co-Founder and Solana Ventures to Invest $100M in a Decentralized Social Media

During the ongoing Solana Breakpoint conference in Lisboa, Ohanian said he wants to participate in the development of a decentralized social media based on the Solana blockchain, which is the reason behind the multi-million dollar investment.

  • The American Internet entrepreneur, arguably best known for his role of co-founding Reddit, outlined his plans at the Breakpoint conference earlier on November 9th.
  • While speaking to Solana’s co-founder – Raj Gokal – Ohanian firstly said that he plans to invest $50 million through his venture capital fund.
  • However, Gokal added that the amount might not be enough. As such, he indicated that the entire investment will indeed be worth $100 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. We are at a pivotal inflection point in these early days of Web3 and I couldn’t be more energized to partner with Solana to support companies who are building for this exciting new era of social.” – commented Ohanian.
  • Gokal added in a follow-up PR that Web3 projects will be able to turn users and creators into owners and stakeholders, which is a “change that can’t come soon enough to social media.”
  • “Social media in the metaverse will be a collection of millions of self-sufficient communities, and there’s nobody better to help great teams build that future than Alexis Ohanian.” – he concluded.

Featured Image Courtesy of CNET

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