Polygon and US based Seven Seven Six join hands to launch $200 million initiative
- ByTejika Bajaj | December 20, 2021
Ethereum scaling and infrastructure platform Polygon has recently joined hands with a US based venture capital firm Seven Seven Six to launch a $200 million initiative to power and invest in Web3 social media projects as well as gaming projects.
Talking about the latest initiative, the co-founder and COO of Polygon, Sandeep Nailwal said, “Over the past few years, there has been a realization that social media businesses have a profound impact on society. With Web3, users create the value, control the network and reap the rewards. This is not just a different way to share lolcats online, though we love those. We are inventing new high-fidelity means of transmitting culture itself.”
This announcement comes just a month after Polygon acquired a zero knowledge startup Mir in a $400 million deal to scale Ethereum and bring more users to Web3 and Seven Seven Six joined Solana Ventures in a $100 million initiative to help fuel decentralized social media platforms on Solana’s blockchain.
Expressing his views on the $200 million pledged funds, the founder of Seven Seven Six, Alexis Ohanian stated, “We are still in the early days of Web3 and the most obvious opportunities right now are in gaming and social. This initiative will do just that, with a focus on gaming properties and social media platforms built on Polygon’s scalable infrastructure. We’ve already seen some of the best product founders in our portfolio start building on Polygon and I’m excited for Seven Seven Six and Polygon to play a big role in shaping what the new internet looks like.”
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