Alexis Ohanian (reddit co-founder) at the Solana conference.
Alexis Ohanian and the Solana Foundation have partnered to invest $100 million in social media projects using the solana Blockchain.
This amount is twice the initial $50 million investment.
Ohanian's comments come a day after Sam Bankman Fried said that social media on blockchain could be "absolutely enormous."
Reddit co-founder Alexis Ohanian announced Tuesday that he had partnered with Solana Foundation in order to invest $100 million in social media projects using the solana Blockchain.
Raj Gokal, co-founder of Solana Foundation, made the announcement at Breakpoint. Breakpoint was the first conference organized and hosted by Solana Foundation. Coindesk reported the news first.
Ohanian stated that his Seven Seven Six venture fund originally planned to allocate $50 million for the "next generation of social, built upon Solana." He didn't think this was enough and disclosed Tuesday that the current investment is $100 million.
Ohanian stated in a statement that "With a high performance blockchain like Solana there is an unprecedented chance to fuse crypto and social in a manner that feels like a social product, but with the added incentive to empower users with real ownership."
The crowd at the Breakpoint conference Solana during Alexis Ohanian's fireside chat
His pre-seed venture capital company has had an impressive record. Many founders want to partner with Ohanian. He's most well-known for his success on Reddit and his marriage to tennis star Serena Williams.
Ohanian's comments come a day after FTX CEO Sam Bankman-Fried stated that it could be very difficult to build social media on blockchain technology. This was first reported by The Block.
