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Reddit co-founder Alexis Ohanian and Solana co-founder Raj Gokal collectively announced a $50 million fund with Solana Ventures to invest in Web 3.0 social media technology today.

The announcement was made at this year’s Solana Breakpoint conference in Lisbon, Portugal, and follows Gokal’s recent Twitter ban, as well as Facebook’s corporate rebrand to Meta in recent weeks.

Just minutes after initially announcing the initiative at a level of $50 million, Ohanian said on stage that the initiative will, in fact, be worth $100 million. “Reeled you in there,” he told a cheering crowd.

This is a developing story, check back for updates. 

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By: Decrypt