Making it a remarkable move, Reddit has recently introduced cryptocurrencies for approximately for its 20M users. Reddit launched Moon and Bricks in its two subreddits /r/Cryptocurrency and /r/FortniteBR.
Reddit aimed that this launch will help in the steady growth of the crypto monetization in the future. These tokens can be availed on the Reddit app; the user has to install the Reddit Vault to retrieve these tokens. The users who have been a constant contributor to the community have chances to gain rewards in the form of these tokens.
The involvement of Reddit in the crypto world has marked the development of crypto space. This will encourage a lot of people to adopt cryptocurrencies. This move by Reddit has achieved a brilliant response from crypto biggies.
The Co-Founder and CEO of Coinbase, Brian Armstrong, took it to twitter to appreciate Reddit’s integration in the Crypto space. In a series of tweets, he acknowledged the launch and talked about various benefits that come with this launch.
This is a huge deal for crypto – Reddit (top ten website in the U.S.) has launched their cryptocurrency integration: https://t.co/ziLPJZANO4
— Brian Armstrong (@brian_armstrong) May 14, 2020
Brian Armstrong believes that its a great move, and this is a huge deal for crypto that Reddit has launched its cryptocurrency integration. According to Armstrong, Reddit is doing a great job. Reddit is giving a chance to its users “to own a piece of your favorite community.” Reddit rewards its users based on maximum contribution.
They do a great job from a legal POV of launching a utility coin, within clear boundaries.
* they are up front saying these are a way to “own a piece of your favorite community”
* users are rewarded for contributing— Brian Armstrong (@brian_armstrong) May 14, 2020
The platform allows you to make use of community points and send it to other users in the form of a tip. The Reddit Vault is a user-controlled wallet.
* can spend your points on community features, and send to/tip other users
* coins get you reputation (but rep can only be earned, not bought – key principle)— Brian Armstrong (@brian_armstrong) May 14, 2020
Armstrong tweeted that, It is an overall very well-executed plan, and other crypto startups should definitely make a note of it and learn from them on how a token launch can bring the online community together.
Overall this is really well executed, and a model for other crypto startups to emulate for a token launch that helps bring an online community together, and delivers real value.
The internet finally has a native currency. It’s working folks!
— Brian Armstrong (@brian_armstrong) May 14, 2020
As Armstrong stated, the internet now has a currency of its own, and he believes that it’s definitely working in our favor. Armstrong says that people have been asking him, “where are the use cases?” to which he replied that now is the time, and this is what people have been looking for. A lot of people have worked hard to integrate crypto into real products. He wishes that there should be more such launches in the near future, and people should come up with crypto startup plans and make use of these tokens to build the communities.
For all the people who asked me “where are the use cases?” over the years, this is what it looks like. Lots of hard work by individuals, integrating crypto into real products. Slow incremental improvement, moving the ball one yard every day – there is no big bang moment.
— Brian Armstrong (@brian_armstrong) May 14, 2020
Not just Brian Armstrong, the CEO of Binance, CZ, also acknowledged the move.
CZ took it to twitter and applauded the launch, and he hoped that this new move by them would encourage the adoption of cryptocurrencies across the globe.
BREAKING: Reddit introduced about 20M new users to cryptocurrency or their own token in a matter of seconds.
Thousands of popular websites, likely thousands of tokens.
Inevitable #adoption!https://t.co/QPn9TeWdIJ
— CZ Binance 🔶🔶🔶 (@cz_binance) May 14, 2020