Reddit co-founder Alexis Ohanian said he has a lot of ETH and endorsed the Ethereum blockchain
Appeared on CNBC’s Squawk Box today is Alexis Ohanian, co-founder of the social media and news aggregator site Reddit. He discussed cryptocurrency, meme stocks and other investments. And then he revealed that has a lot of Ethereum. Nobody knows how much that is, but it is easy to know why he loves ETH so much.
— Squawk Box (@SquawkCNBC) June 10, 2021
Alexis Ohanian appeared on “Squawk Box” to discuss cryptocurrencies, thought Ethereum has a lot of potential
Alexis Ohanian is a versatile man: billionaire, philanthropist, founder of Reddit, Initialized Capital, and husband of famous tennis player Serena Williams.
Alexis Ohanian, co-founder of the social media and news aggregator site Reddit
Recently, Seven Seven Six, his new venture firm, closed a funding round after raising $150 million, a feat that has brought him into the spotlight of the media, eager to know his vision for the world of business and the future of cryptocurrencies.
In an interview for CNBC, Ohanian devoted part of the discussion to praising Ethereum. In addition to the rhetoric, he also said that Ethereum includes a significant portion of his money being invested in cryptocurrency.
When asked about the most promising cryptocurrencies in the ecosystem, Ohanian assured that Dogecoin was out of his sight and went on to hurl praises for Ethereum:
“I do think Ethereum has at least for the next year or two, really got the most to prove, or at least the most potential to show something because there are so many interesting applications. So NFTs are just the start of what’s getting built on top of the Ethereum blockchain, and that’s where a lot of my holdings are candidly.”
Ohanian didn’t disclose his ETH holdings, so it is impossible to come up with an approximation. Last year, he registered a name on the Ethereum Name Service. His registered Ethereum Name Service domain, alexisohanian.eth. stores only 1.196858 Ether, which is not a lot by any means in billionaire language.
Why does Reddit co-founder love Ethereum so much?
For Ohanian, Ethereum is a functional and exciting platform with a bright future. In fact, although he has resigned from the board of Reddit, Reddit has experimented with the blockchain in the quest to create new forms of interaction among its users.
Ethereum is currently the most active network in the crypto ecosystem, largely thanks to three important phenomena. The first is the rise of stablecoins that has enabled massive cryptocurrency trading expansion. The second is the growing popularity of non-fungible tokens (NFTs) that are now part of the crypto culture, even representing several million dollars worth of exclusive works.
He explained that he favors Ethereum because of its many applications, including crypto-collectibles or NFT:
“NFTs are just the start of what’s getting built on top of the Ethereum blockchain.”
Finally, the number of new DeFi projects is increasing, thanks to the support for smart contracts. This has opened the door to many new tokens, dApps, and use cases for decentralized technologies.
Though Ohanian has resigned from Reddit’s board, the site has gone on to make use of Ethereum without him. In 2020, Reddit launched Ethereum-based tokens on certain subreddits. This year, it expressed its intent to use Ethereum to power its points program.