Rumors have been floating recently that the popular social/discussion website Reddit is considering integrating a cryptocurrency into its platform, but cofounder Alexis Ohanian was unwilling to confirm this in a April 21 interview with Anthony Pompliano.
Pompliano breezed past the ERC-20 token rumors, and a smiling Ohanian responded saying “I unfortunately have to keep very mum about this.”
I have always believed [that] the long term value of reddit is not going to come from [traditional] advertising.
However, he went on to discuss his excitement at the prospect of fostering economies within Reddit’s subcommunities, saying that Reddit had already “done the hardest part” in building a platform for users who “truly have a sense of community, and belonging, with one-another.”
Tapping into Kevin Costner’s oeuvre, Ohanian was confident that “if you can take the best lessons learned from digital goods and gaming [...] and provide a very seamless digital transaction for that, it will happen – it will happen a lot,” referring to organic growth of user-generated digital commerce.
Ohanian also saw an opportunity in the present COVID-19 lock-down conditions when UGC (user-generated content) traffic is booming, saying that “now is the time for companies like reddit to double down on revenue streams that are like this, that are accretive, that [...] build on community dynamics.”
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