Polygon and the Seven Seven Six Foundation invest $ 200 million to build Web3 applications

Another blockchain game and social network improvement fund has been set up, this time for the Polygon ecosystem.

On the evening of December 17, Polygon explained he and Reddit co-founder Alexis Ohanian’s Seven Seven Six fund invested $ 200 million to invest in Web3 remedies, which include blockchain video games and social networking.

As exposed by Polygon founder Sandeep Nailwal, this fund will be disbursed in the type of USD rather than MATIC tokens, in assistance of tasks that are setting up remedies on Polygon in the type of equity investments or token purchases.

Polygon and @sevensevensix are launching a $ 200 million initiative to assistance tasks at the intersection of social media and Web3. Excited to spouse with the legendary @alexisohanian on this!

Full scoop right here: https://t.co/atrb9rDJ6l [1/3] pic.twitter.com/HfbZEcAHGO

– Polygon | $ MATIC – We’re employing! (@ 0xPolygon) December 17, 2021

Even so, Polygon and Seven Seven Six have but to announce the fund’s launch date.

Mr. Alexis Ohanian stated:

“We are nonetheless in the early days of the Web3 and the clear possibility lies in video games and social media. Our new investment fund will hit this niche, with a emphasis on Polygon-based mostly gaming and social media apps. We have noticed some of the most talented founders start off solution improvement on Polygon and are thrilled to be doing work with Seven Seven Six to form the potential of the Internet. “

This is the 2nd greatest blockchain ecosystem targeted investment fund announced by Seven Seven Six. In early November, the Reddit founder’s investment fund also invested $ a hundred million to build a social networking application for Solana’s blockchain.

Additionally, a quantity of significant money have not too long ago been announced focusing on the Web3 / blockchain game / metaverse section. Typical amongst these can be described as KuCoin ($ a hundred million), Chromia / My Neighbor Alice / Mines of Dalarnia ($ 80 million), Hashed ($ 200 million), Animoca Brands / Binance Smart Chain ($ 200 million), Gala Games ($ a hundred million), Solana Ventures (two money totaling $ 250 million).

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