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Seeking Alpha 2021-08-13 13:37:18

Reddit and cryptocurrency share the power of community - co-founder Alexis Ohanian

Reddit co-founder Alexis Ohanian said Friday that the online discussion forum's recent valuation of $10B shows "the power of community," a force he also sees at work in the rise of cryptocurrency and NFTs. Ohanian, who also founded the venture capital firm Seven Seven Six, told CNBC that he "lucked into" the reality of community when he helped create Reddit (REDDIT) in 2005. The comments followed news that the latest fund-raising effort for Reddit brought in $700M and gave the company a valuation of $10B. Looking at the current financial landscape, Ohanian argued that NFTs and cryptocurrency had found a way to turn the idea of community into a market. "Blockchain lets you own a stake in a community," he said, noting that as more people join the community, an individual's stake would rise in value. "The fundamentals here are about human nature," he added. Commenting on the meme-stock trend,

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Reddit and cryptocurrency share the power of community - co-founder Alexis Ohanian

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