Reddit co-founder reveals his investments in Ethereum.

A significant portion of Alexis Ohanian’s crypto holdings is concentrated in Ethereum. He said so in an interview with CNBC.

“NFTs are just the start of what is getting built on top of the #ethereum blockchain, and that’s where a lot of my holdings are candidly,” says @alexisohanian. pic.twitter.com/ZfMowGRmhk

— Squawk Box (@SquawkCNBC) June 10, 2021

Asked which digital currencies he considers most promising, Ohanian joked that he’s not going to hitch his wagon to Dogecoin, and he prefers Ethereum. He explained his choice by the diversity of applications in Ethereum’s ecosystem.

“I think that in the next year or two Ethereum will attract the most support, or at least has the potential to shine, because there are so many interesting applications. NFT — that’s just one example of what is being built on Ethereum, and, frankly, a substantial portion of my assets are there,” he said.

The Reddit co-founder did not disclose the size of his position in the second cryptocurrency. On his Ethereum Name Service domain name, there is about 1,197 ETH (~$2,945).

In a conversation with Bloomberg, Ohanian noted that he has Bitcoin and “a little” Ethereum. He emphasized that he is confident in the ability of digital currencies to create large and leading companies around them.

Ohanian believes the U.S. should proceed cautiously with respect to regulation of the digital assets market, so as not to stifle innovation. Commenting on the decision of El Salvador to make Bitcoin a legal tender, he said that he does not support stricter controls in this sphere.

In 2012 the Reddit co-founder, together with investor Gary Tan, founded Initialized Capital. The latter’s portfolio includes several crypto companies, including Coinbase.

In April 2021 Forbes wrote that the firm invested $300,000 in Brian Armstrong’s Bitcoin exchange, which after its Nasdaq listing turned into $565 million.

Ohanian also personally backs startups in the NFT space and other Ethereum-based projects. In May, the investor participated in a funding round of the NFT-game developer Sky Mavis for $7.5 million.

In the same month, the Reddit co-founder invested in the crypto-lending platform Ledn.

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