As the adoption rate and usage area of cryptocurrencies expand, technology giants continue to turn to this area. After Discord’s Ethereum move, another move comes from Reddit.
Speaking at a Solana-focused conference today, Reddit co-founder Alexis Ohanian talked about his plans for Solana.
Stating that he wants to create a social media platform on Solana, Ohanian said that he will allocate a fund of 100 million dollars for this.
Talking about his plans to create a decentralized social media, SOL investors were delighted that the Reddit co-founder chose Solana for it.
Interviewing Solana’s co-founder Raj Gokal, Ohanian said, “One of the reasons I came here is to announce that I have a venture fund called 776 and we have allocated $50 million for investment. We will use it for a social media platform built on Solana.”
Afterwards, stating that 50 million dollars was not enough for this project, Ohanian stated that he aimed to increase the size of the fund to 100 million dollars.
Ohanian’s announcement comes a day after FTX CEO Sam Bankman-Fried stated that creating social media on the blockchain would be “huge business.”
*Not Investment Advice.