Last edited: Dec 21, 2021

Polygon, formerly known as Matic Network (MATIC), is a platform that enables easy-to-use Ethereum network infrastructure development and scaling. It recently announced that it will be partnering with Reddit co-founder, Alexis Ohanian, and his venture fund, Seven Seven Six, to start a fund devoted to Web3 and social media, worth $200 million in total

Polygon explains, in a press release announcing the Web3 fund, why the partnership between the protocol and Seven Seven Six made sense.

“Polygon’s mission is to offer a wide range of secure, fast, affordable and energy-efficient Ethereum scaling and infrastructure solutions for developers, empowering them to build Web3 applications for the world.

That is why Polygon is thrilled to have Alexis as a partner in this undertaking, who brings an unbeatable combination of deep industry experience, stellar investment track record and values that closely align with those of our community.”

Ohanian, when asked about his take on this fund, said that this initiative made a lot of sense given that Web3 is still in its infant developmental stage, and has a ton of opportunities and potential to explore. With this initiative, it “with a focus on gaming properties and social media platforms built on Polygon’s scalable infrastructure.”

This is not Ohanian’s first investment into blockchain and crypto-related projects. He was a seed investor in Coinbase, and he had recently invested $50 million into social media projects built on Solana.

Though neither Solana or Polygon trade on BTCC currently, this news indicates to investors that cryptocurrency and the Web3 market as a whole is ripe for investment, and that venture capitalists see an uncapped ceiling for businesses to grow within it. This should bolster investor confidence amid slumping prices of major coins, such as Ethereum and Bitcoin.

ETH price chart since Dec 1 (1 hour intervals)