To Develop Web3, Polygon And Reddit Founders Inject 200 Million US Dollars

Web3 is growing in popularity even though it is still in development stage (Koinsaati)

JAKARTA – Reddit founder Alexis Ohanian is rumored to be joining forces with Polygon (MATIC) to fund Web3 development. Ohanian Seven Seven Six and MATIC companies will invest 200 million dollars to make the plan a reality.

Launching CryptoPotato, the $200 million fund is a new initiative. It will support startups aiming to work on social media platforms and the Web3, or as the announcement explains – a protocol “exploring better ways for humans to connect online.”

Ohanian was also the co-founder of the popular social media platform Reddit in 2005. He returned to lead Reddit in 2014 before stepping down in 2020.

Alexis Ohanian has a wealth of experience in the cryptocurrency universe. He was also an early investor in crypto exchanges Coinbase, Patreon, Opendoor and various other crypto companies.

Reportedly Ohanian has a large amount of Ethereum (ETH) crypto. The Reddit founder has also reportedly partnered with Solana Ventures to invest $100 million in decentralized social media.

Discussing a $200 million joint venture with Polygon, Ohanian assessed that Web3 is still in its very early stages. He argues that "the most obvious opportunities right now are in gaming and social media."

“This initiative will do just that, with a focus on game properties and social media platforms built on Polygon's scalable infrastructure. We've seen some of the best product founders in our portfolio start building Polygon, and I'm excited that Seven Seven Six and Polygon are playing such a big role in shaping what the new Internet will look like.”

For information, Web3 is the latest generation of decentralized internet. Although there is no official definition of the term, Web3 is currently still in the early stages of development, but its name is becoming a topic of discussion.

Launching Gizmodo, Web3 allows network users to transfer money or crypto to other users. Another advantage is that the problem solving of the previous generation is more directed at collecting user's personal data and selling it to advertisers, as is done by some social media. In this way, the user's personal data has the potential to be stolen by hackers.

This is where decentralized Web3 emerged and became the new internet solution. On the Web3, there will be no entity that can regulate or control access, let alone collect personal data of users. Besides Polygon, one of the cryptocurrencies that focuses on Web3 development is Polkadot (DOT).