On Friday, Polygon and Alexis Ohanian’s venture capital firm, Seven Seven Six, announced a $200 million initiative backing projects operating at the intersection of social media and Web 3.0. The initiative will focus on gaming applications and social media platforms built on Polygon’s infrastructure.

Reddit co-founded in 2005 by Ohanian. In 2010, he left and was subsequently reappointed as CEO in 2014. He led a turnaround that saw Reddit’s stock rise before his resignation in 2020. He has been a seed investor in several prominent tech and blockchain firms such as Coinbase (NASDAQ:), Instacart, Sky Mavis — the developer of — and Patreon.