Reddit Co-Founder Wants to Acquire TikTok to Bring it On-chain

Reddit co-founder Alexis Ohanian has announced plans to acquire TikTok's US operations.

"Exciting news for the digital world. I'm officially now one of the people trying to buy TikTok U.S. — and bring it on-chain," Ohanian tweeted. “TikTok has been a game-changer for creators, and its future should be built by them. Users should own their data. Creators should own their audience. Period.”

Ohanian plans to integrate TikTok with the Frequency blockchain, which will offer users control over their data. Frank McCourt’s Project Liberty will join forces with Ohanian to make the acquisition.

The move comes as the US is forcing ByteDance, TikTok’s parent company, to sell its U.S. assets or face a shutdown due to national security concerns.

If successful, the deal would enable TikTok to integrate Frequency, which aims to enhance transparency, security, and digital independence.

By going on-chain, the platform will empower creators to take ownership of their audience relationships while helping businesses form deeper connections with their customers.

Bringing TikTok on-chain isn't Ohanian's first foray into blockchain. In May 2020, Ohanian launched Reddit's "Community Points" - an Ethereum-based token system that rewarded users for contributing in certain subreddits, such as r/Cryptocurrency. The tokens were migrated to Arbitrum Nova after being introduced on Ethereum's Rinkeby testnet. Reddit also expanded its blockchain involvement by launching a series of collectible NFT avatars on Polygon.

In 2021, Ohanian explored building a decentralized social media network for Solana but the project fell through due to its ties with FTX founder Sam Bankman-Fried, who planned to integrate a fiat-to-crypto payment system for Reddit.

Ohanian is a personal advocate for crypto too, having purchased 50,000 ETH at $0.30 in 2014. He also bought his wife, Serena Williams, a $3 million 17-carat diamond engagement ring with crypto.

Additionally, Ohanian's venture firm, Seven Seven Six, raised multi-million-dollar funds to back blockchain startups and tokens. Ohanian sold Reddit to Condé Nast in 2006 before returning in 2014 as executive chairman. He ultimately resigned in 2020.