Kraken: Reddit should provide a redemption path for community points

Jesse Powell, co-founder and chairman of Kraken, criticized Reddit for not providing a "redemption path" for its terminated cryptocurrency community points. Powell disagrees with Reddit's mentioned regulatory issues and believes that closing this project may harm the rights of point holders. Reddit's decision did not affect its avatar collection (Polygon NFT series). Since its launch in July 2022, Reddit has released over 21 million avatar collections. (Decrypt) Earlier news stated that Reddit will close its blockchain-based community points program on November 8. Reddit stated that although the program had some opportunities, the resources required were too much to sustain. In addition, changes in the regulatory environment have exacerbated this dilemma. The team has launched or is actively developing some more easily adoptable products.

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