Arab Press

بالشعب و للشعب
Monday, Jul 21, 2025

Reddit co-founder invests in blockchain social media

Reddit co-founder invests in blockchain social media

Reddit's co-founder and Solana venture team up for a €86 million blockchain investment initiative.
The venture firm of US investor Alexis Ohanian, co-founder of social media site Reddit, has teamed up with the venture arm of the Solana Labs blockchain for a $100 million (€86 million) investment initiative in decentralised social projects, both firms said on Tuesday at a conference in Lisbon.

Seven Seven Six, Ohanian's venture firm, will invest $50 million (€43 million) and Solana Ventures will put up the remaining $50 million, the companies said.

"With a high-performance blockchain like Solana, there is an unprecedented opportunity to fuse social and crypto in a way that feels like a Web2 social product but with the added incentive of empowering users with real ownership," Ohanian said in a statement.

"We are at a pivotal inflection point in these early days of Web3," he added.

Solana products and funds have attracted $154 million (€132 million) in investor money so far this year, the third-largest individual asset-focused investments behind bitcoin and Ethereum, according to data from digital asset manager CoinShares.

"Web3 turns users and creators into owners and stakeholders, a change that can't come soon enough to social media," said Raj Gokal, chief operating officer at Solana Labs.

"Social media in the metaverse will be a collection of millions of self-sufficient communities."

In Web 3.0, users will be able to interact with data through the use of artificial intelligence and machine learning.

Austin Federa, Solana's head of communications, said the partnership with Ohanian's firm will have a heavy focus on Solana, "but the future is cross-chain so the initiative will consider all projects, irrespective of chain."

According to Statista, social media advertising generated $153.7 billion (€132 billion) in worldwide revenue in 2021.

Meta Inc., formerly known as Facebook, earned 85 per cent of its revenue from advertising and is now seeking to enter the metaverse to monetise what Mark Zuckerberg calls the successor of the mobile internet.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
×