Jesse Powell's comments came in response to Reddit's decision to pull the plug on its blockchain-based reward service Community Points.
Kraken co-founder Jesse Powell said Reddit shouldn't destroy the value of community tokens while "offering nothing in return," responding to yesterday's news that the social media platform is pulling the plug on its blockchain-based reward service Community Points three years after its rollout. The move sent two related tokens crashing.
The decision was also attributed to regulatory issues. "The regulatory environment has added to scalability limitations. Though the moderators and communities that supported Community Points have been incredible partners, as it's evolved, the product is no longer set up to scale," Reddit added. Launched in 2020, Community Points were introduced to reward Reddit users for activity on the platform, such as receiving significant upvotes on comments or posts. The aim was to boost user engagement and strengthen communities.
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