Kraken, a US-based cryptocurrency exchange, has announced the launch of trading for two tokens that are linked to Reddit communities: Bricks (BRICK) and Moons (MOON). These tokens are part of Reddit’s Community Points initiative, which aims to reward users for their contributions to various subreddits.
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According to Kraken’s blog post, BRICK and MOON trading started on Monday, August 7, 2023, on both spot and futures markets. Users can deposit and withdraw these tokens via the Arbitrum Nova network, a layer-2 scaling solution for Ethereum that offers lower fees and faster transactions. Deposits from other networks will not be accepted and will result in a loss of funds.
BRICK and MOON are ERC-20 tokens that are distributed periodically based on the karma earned by users in the r/FortNiteBR and r/CryptoCurrency subreddits, respectively.
These tokens can be used to access premium features, tip other members, and vote in subreddit polls. They also represent a form of social capital and influence within the Reddit community.
Kraken offers several trading pairs for BRICK and MOON, including USD and EUR. The exchange also provides perpetual futures contracts for MOON with up to 50x leverage. Kraken is one of the first major exchanges to support these tokens, which could increase their liquidity and popularity among crypto enthusiasts.
Kraken’s decision to list BRICK and MOON reflects its commitment to expanding its crypto offerings and supporting innovative projects in the blockchain space. The exchange currently supports over 70 cryptocurrencies and has over 7 million users worldwide. Kraken is also known for its high-security standards, low fees, and user-friendly interface.
In conclusion, Kraken has added BRICK and MOON tokens to its trading platform, allowing users to access these Reddit-based cryptocurrencies on both spot and futures markets. BRICK and MOON are part of Reddit’s Community Points initiative, which rewards users for their participation in various subreddits.