Reddit Co-Founder Reveals His Strong Beliefs for The Ethereum Blockchain
Co-founder of social news aggregation site Reddit, Alexis Ohanian, has revealed his interest in the second-largest cryptocurrency Ethereum.
While speaking on CNBC's Squawk Box, Ohanian promoted the Ethereum blockchain after saying that meme coin Dogecoin was off his radar.
Why Ethereum Blockchain Is Unique
Ohanian was asked about the most promising cryptocurrencies in the ecosystem, and he said that the one that stands out for him is Ethereum because of its unique blockchain.
He explained that Ethereum has many potentials, which can be seen in the several interesting applications in the blockchain, including crypto-collectibles or non-fungible tokens. Ohanian's words,
“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. NFTs are just the start of what's getting built on top of the Ethereum blockchain”.
Apart from NFTs, Ethereum is also known for its ever-growing Decentralized Finance projects built through smart contracts. Many new tokens, decentralized applications, and other decentralized technologies have been built thanks to the Ethereum blockchain.
The Reddit founder also added that a significant part of the funds he invested in cryptocurrencies was Ethereum, although he did not disclose his ETH holdings.
Ohanian's relationship with Ethereum is well documented. In May 2018, he predicted that ETH would reach a price of $1,500. However, prices only rose as high as $800 before the end of that year.
Similarly, last year, he registered a name on the Ethereum Name Service. The balance of the address indicated that he holds at least $2,900 worth of ETH, although it is likely that he has more in other accounts.
Speaking further on cryptocurrency, Ohanian said he would prefer the US to tread lightly and give the crypto industry room to develop. The Reddit co-founder believes there are opportunities in the sector that could be used to develop the country better.
Alexis Ohanian's Seven Seven Six Raises $150 Million
The billionaire's venture capital firm, Seven Seven Six, closed a funding round where it raised $150 million.
Founded alongside two of Ohanian's longtime collaborators from Reddit, Katelin Holloway, and Lissie Garvin, Seven Seven Six primarily invests in seed rounds of new startups.
So far, it has made investments in 17 companies. Last month, the firm led a $5 million funding round for leading browser-based social platform Topia. It has also invested in a $5 million funding round for Bitcoin rewards app Lolli and blockchain infrastructure firm QuickNode.
Other firms Seven Seven Six has invested in include Pipe, Alt, Pearpop, Itsme, Gloria, Riverside.fm, and Stoke.