Brian Armstrong, CEO of digital currency exchange Coinbase, is optimistic about the impact of Reddit’s new foray into the world of cryptocurrency.
The social network has just rolled out Community Points, which is designed to give subreddits a unique way to award community members with blockchain-based tokens when they create popular posts and comments.
The Community Points feature is now live on r/FortNiteBR and r/CryptoCurrency.
Armstrong says he believes the project is an early sign of increasing crypto adoption in the real world.
“This is a huge deal for crypto – Reddit (top ten website in the U.S.) has launched their cryptocurrency integration.
They do a great job from a legal POV of launching a utility coin, within clear boundaries. 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!”
Armstrong says crypto enthusiasts looking for a single killer app signaling cryptocurrency has officially arrived in the mainstream should temper their expectations.
He believes adoption will happen at a slow and steady pace, rather than suddenly materializing in a single or watershed moment for the industry.
“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.”
Featured Image: Shutterstock/Sky Antonio