Reddit co-founder Alexis Ohanian will be investing in building out a form of decentralized social media using the Solana blockchain, according to an announcement today.
During a fireside chat with Solana co-founder Raj Gokal, Reddit co-founder Alexis Ohanian said, “One of the reason why i’m here is to announce — I have a venture fund called 776 — we’re earmarking $50 million to invest in the next wave of social, built on Solana."
During the chat, Ohanian added that $50 million wasn't enough so that the plan is to increase the initiative to $100 million.
This comes a day after FTX CEO Sam Bankman-Fried said that building social media on the blockchain could be "absolutely huge."
During his talk, Bankman-Fried claimed that decentralized social media could solve a lot of pain points. He pointed to pre-existing social media sites, which have massive userbases, and stated that integrations with these sites could help to scale DeFi to millions more users.
Update: An earlier version of this story misattributed the increase in size to Gokal.
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