Polygon To Launch $200M Venture For ‘Web3’ Social Media

On Dec 18, 2021

By Elise Hansen (December 17, 2021, 8:27 PM EST) — Blockchain company Polygon said Friday it has teamed up with venture capital firm Seven Seven Six on a $200 million funding venture for social media projects that use decentralized technology.

The partnership will back projects “at the intersection of social media and Web3,” the announcement said. Web3 refers to what some consider the next version of the internet, which relies more heavily on decentralized technology as opposed to centralized networks.

Polygon provides a protocol for connecting different blockchain networks that are compatible with Ethereum, according to its website. In October, over 3,000 decentralized applications were being built using Polygon’s technology, its…

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