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Reddit’s co-founder agrees that blockchain technology is not going anywhere

WikiBit 2021-12-30 20:47

Abstract:The co-founder of Reddit has agreed that blockchain technology is here to stay. In an interview with CNBC, the investor stated that blockchain technology was real. Ohanian has invested in various crypto firms, including Coinbase through Seven Seven Six.

  Alexis Ohanian, Reddits co-founder, has agreed that blockchain technology is here to stay. His remarks echo what leading financial institutions have noted, as they agree to the future of blockchain technology compared to individual crypto assets.

  In an interview with CNBC, Ohanian noted that he had already made strategic investments in some of the leading firms operating in the blockchain sector. Ohanian is also the founder of Seven Seven Six, a venture capital firm.

Ohanian says blockchain technology is here to stay

  During the interview, Ohanian noted that he had been in the blockchain space for a while, and he believes that the underlying technology is here to stay. Ohanian was one of the seed investors in Coinbase in 2012, in the early years of one of the leading crypto exchange platforms.

  Ohanian also talked about the volatility of cryptocurrencies in general. He noted that while cryptocurrencies were highly volatile, and most of them could not last into the future, blockchain technology was “real” and was gaining adoption from some leading technology companies.

  He also added that with any new technologies, there were the initial stages, where most of the innovations consolidate, and while some could fade, there were those that could become successful. As such, an investor in the space needed to look into the long-term benefits of crypto investments.

Reddit files for an IPO

  Reddit is one of the leading social medial companies globally. The platform has become popular with meme stocks, and it has become a major hub for crypto communities. The platform recently announced that it had made a confidential filing for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC).

  Reddit‘s valuation made a strong gain at the peak of the meme stock frenzy earlier this year. In February, the company’s valuation doubled to $6 billion on an annual basis. In August, during a private fundraising 4ound, Reddits valuation was estimated at $10 billion. The company expects its valuation to reach $15billion by the time of floatation.

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