Reddit Co-founder Aims to Bring TikTok to Blockchain

Internet pioneer and Reddit co-founder Alexis Ohanian has joined a group of investors seeking to acquire the American segment of TikTok. Should the acquisition proceed, he will become a strategic advisor for the social media project.

Exciting news for the digital world…

I’m officially now one of the people trying to buy TikTok US — and bring it on-chain.

TikTok has been a game-changer for creators, and its future should be built by them↓ pic.twitter.com/SPq1Ppv1kK

— Alexis Ohanian ? (@alexisohanian) March 4, 2025

In January, American billionaire Frank McCourt announced his intention to purchase the company and expressed willingness to collaborate with other investors. He formed a consortium called The People’s Bid for potential buyers.

According to the plan, the organization will acquire the data and audience of the network in the US to “give users control.” The consortium is not interested in TikTok’s recommendation algorithm and code — the platform is intended to transition to a new technological infrastructure.

In November 2024, McCourt’s advocacy group Project Liberty partnered with ConsenSys and Frequency Network Foundation — developers of the blockchain for social networks Frequency.

The entrepreneur did not disclose the sources of funding for the purchase but clarified that capital would not be an issue if the platform’s owners at ByteDance agree to the deal. 

So far, the company has shown no interest in selling the social network. The billionaire noted that instead of selling, the platform might simply be shut down.

According to McCourt, the Reddit founder will assist in promoting The People’s Bid initiative. The specific role he will play in the blockchain transformation of the platform has not been detailed.

“He has extensive experience with what social networks were in the past and what they are evolving into,” McCourt noted.

Ohanian himself believes that users should own their data and creators their audiences. He emphasized that “a new TikTok based on transparency and accountability” would be fairer and better than before. 

In January, AI startup Perplexity AI announced its intention to acquire the American TikTok.