Polygon and VC firm Seven Seven Six established a $200 million Web3 social network fund.

Polygon and VC firm Seven Seven Six established a $200 million Web3 social network fund. According to the announcement, the goal of the partnership is to attempt to connect blockchain, Web3 technology, and social media.

Polygon is best known for its scaling innovations with the Ethereum open source blockchain network and the MATIC native token. Meanwhile, Alexis Ohanian co-founded the social network and news aggregator Reddit with Steve Huffman and Aaron Swartz. Ohanian Seven Seven Six Ventures is a software-enabled venture company founded in 2020.

After acquiring Hermez Network (now Polygon Hermez) for $250 million in August, Polygon paid $400 million for Ethereum scaling startup Mir. Ohanian's joint venture, Seven Seven Six, has a number of investments in blockchain and Web3 including Sky Mavis, Droneseed, Better Brand, and Stoke Space.

< Source : Cointelegraph >