Reddit Co-Founder Creates $200M Initiative With Polygon for Web 3, Social Media

Reddit Co-Founder Creates 0M Initiative With Polygon for Web 3, Social Media
Reddit co-founder Alexis Ohanian’s venture capital firm Seven Seven Six and Polygon Network have created a $200 million initiative to invest in social media and Web 3-based projects.The initiative will back projects that explore better ways for humans to connect online, Polygon announced Friday.Polygon will provide the infrastructure for the projects that the initiative backs.As a layer 2 project built on Ethereum, Polygon aims to solve the scalability problems associated with the main network, helping it handle a larger volume of data faster. It has become popular for decentralized applications (dapps), which numbered more than 3,000 as of October, while…