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Reddit co-founder announces €86 million investment in social media on Solana blockchain
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The venture firm of US investor Alexis Ohanian, co-founder of social media site Reddit, has teamed up with the venture arm of the Solana Labs blockchain for a $100 million (€86 million) investment initiative in decentralised social projects, both firms said on Tuesday at a conference in Lisbon.
Seven Seven Six, Ohanian's venture firm, will invest $50 million (€43 million) and Solana Ventures will put up the remaining $50 million, the companies said.
"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.
"We are at a pivotal inflection point
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