Reddit Shutting Down Community Points Crypto Project Due to Scalability and Regulatory Issues
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Reddit is shutting down its Community Points product that used blockchain technology. The crypto tokens associated with it have crashed in value.
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Community Points will be gone by November 8. Reddit says there's no way to scale it across the whole platform.
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Regulatory issues have added to scalability problems with Community Points.
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Reddit will instead focus on more scalable products like its new Contributor Program.
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Reddit launched Community Points in May 2020. It had partnered with now-bankrupt FTX crypto exchange.