Crypto News

Reddit’s Co-Founder Believes We Are In ‘Crypto Spring’

Reddit’s co-founder believes the crypto markets have entered Spring, highlighting robust development in the space.

Reddit co-founder Alexis Ohanian has described the virtual currency ecosystem firmly sitting in “crypto spring,” emphasizing the strength of development surrounding meaningful applications for blockchain technology.

In an interview with Yahoo Finance published May 23, Ohanian stated: “We really do see a crypto spring right now in terms of top-tier engineers, product developers, designers, building real solutions on top of the blockchain.”

“We’re seeing really top-tier talent building on this infrastructure […] and that to me is the most interesting part” he added.

Crypto is here to stay

Ohanian revealed that he has held “a percentage of [his] wealth in crypto for quite some time now, adding: “I still feel pretty good about it, I don’t want to change much of it.”

The Reddit co-founder describes crypto assets as a “prudent hedge,” remarking:

It’s interesting to see OGs of Wall Street now getting into crypto and buying Bitcoin. It’s increasingly showing that it’s here to stay.

Reddit to launch tokenized rewards on Ethereum

Earlier this month, Reddit launched its crypto-based Community Points reward system on the Ethereum’s (ETH) Rinkeby testnet, announcing plans to migrate to the Ethereum mainnet by the end of the year.

The points were rolled out across the r/Cryptocurrency and r/fortniteBR in the form of “Moons” and “Bricks” respectively from May 13 to May 15.

As of this writing, 11,710 addresses for Bricks have been created, up from 8,666 on May 17. 2,679 Redditors have signed up for Moon wallets, up from 2,073 last week.

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