The sell-off in cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD creates an opportunity for investors, along with the extension of that sell-off to digital tokens issued by blockchain firms. The fund, named Kryptós, is targeting $177.6 million. “Reddit has a massive community,” Goldfeder said, “How do you get a billion users on blockchain? It’s by tapping into these existing communities and bringing them to the blockchain.”ĭon’t miss the next big story – join our free daily newsletter.įollow Sam Bankman-Fried’s trial with the latest news from the courtroom.Seven Seven Six, the VC firm founded by is now an RIA and its raising its first fund focused exclusively on crypto tokens. Reddit’s crypto integration marks the latest instance of a Web2 company buying into Web3 technology, following Instagram’s expansion of its NFT integration last week. For example, a game developer can go ahead and say, ‘I’m launching a game and the currency in my game are these Reddit Community Points.’” “It’s not just Reddit launching Community Points. “We have the entire rollup and security mechanism built out, but we also allow for others to develop in this ecosystem,” Goldfeder said. Steven Goldfeder, CEO of Offchain Labs, the developer behind Arbitrum, told Blockworks he hopes to see new use cases emerge around Reddit’s crypto tokens. A spokesperson for Reddit said Community Points are only meant for community governance and “reputation points” on Reddit, adding that selling the tokens is against the site’s terms of use. Top contributors in r/cryptocurrency earned 3,774 “Moons” tokens last month, or about $340 at current secondary market prices. Reddit airdrops points to active users - similarly to how users receive “Karma” for upvoted posts. “Users need Eth for gas fees to transact with their Community Points on-chain, and FTX Pay allows them to do that,” said Amy Wu, head of FTX Ventures, in an email.Ĭommunity Points are, for now, only live in the r/cryptocurrency and r/fortnite subreddits, though Reddit has a waitlist. Like all layer-2 rollups, Community Points transactions are settled on Ethereum, and Reddit enlisted the expansion-minded FTX to let users pay Ethereum’s transaction fees using fiat. In July 2021, the rollup solution Arbitrum won a contest to build an Ethereum rollup for Community Points, and now the rollup is launching on Ethereum’s mainnet, the company said Tuesday.Ĭommunity Points allow subreddits to reward active members or make governance decisions. Reddit is a choice platform for retail crypto investors - crypto was the platform’s most-viewed topic in 2021. Community Points, rolled out in 2020, are blockchain-based Reddit tokens that allow users to divvy out rewards and interact with the social platform The crypto-to-fiat exchange platform FTX Pay is integrating with Reddit and Arbitrum to allow users to pay gas fees on Reddit’s “Community Points” tokens using fiat. In the latest instance of FTX embarking on a massive bear market buying spree, the crypto exchange has struck a deal with Reddit. R/cryptocurrency forum members earned up to $340 in Community Points tokens for posting in the subreddit last month.Users can move Reddit’s Community Points to Arbitrum-built Ethereum wallets and pay gas fees with FTX Pay.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |