During the ongoing Solana Breakpoint conference in Lisboa, Ohanian said he wants to participate in the development of a decentralized social media based on the Solana blockchain, which is the reason behind the multi-million dollar investment.
The American Internet entrepreneur, arguably best known for his role of co-founding Reddit, outlined his plans at the Breakpoint conference earlier on November 9th.
While speaking to Solana’s co-founder – Raj Gokal – Ohanian firstly said that he plans to invest $50 million through his venture capital fund.
However, Gokal added that the amount might not be enough. As such, he indicated that the entire investment will indeed be worth $100 million.
“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. We are at a pivotal inflection point in these early days of Web3