Kraken Co-Founder Jesse Powell Criticizes Reddit's Removal of Reward System

The discontinuation of Reddit's Community Points program has sparked debate, with Kraken co-founder Jesse Powell leading the charge. Jesse Powell's comments came in response to Reddit's decision to pull the plug on its blockchain-based reward service Community Points. Powell expressed disappointment with Reddit's move, questioning the platform's commitment to blockchain technology and community engagement. Did they rug?

Powell's Disappointment Over Community Points Sunsetting

Kraken co-founder Jesse Powell responded to Reddit’s decision to discontinue its Community Points blockchain rewards program, arguing that the move sets a negative precedent. The Kraken founder Jesse Powell wrote in a Reddit post he's disappointed to see the company sunsetting its community points program. He highlighted the potential of blockchain-based rewards to incentivize participation and foster stronger communities. Also Read: Kraken Co-Founder Criticizes Reddit’s Removal of Reward System.

Why Did Reddit Abandon Community Points?

The reasons behind Reddit's decision remain a subject of discussion. While official statements cite challenges in scaling and maintaining the program, some speculate that regulatory concerns and broader market conditions may have played a role. Jesse Powell's comments came in response to Reddit's decision to pull the plug on its blockchain-based reward service Community Points.

The Future of Blockchain and Social Media Rewards

This incident raises questions about the future of blockchain integration in social media platforms. While some view Reddit's decision as a setback, others remain optimistic about the potential of blockchain to revolutionize online communities and reward user contributions. The United States has continued its rather tumultuous relationship with the digital asset space adding to the uncertainty surrounding these types of programs. Whether or not Reddit's move signals a broader trend remains to be seen.