Alexis Ohanian officially joins Project Liberty's bid to acquire TikTok in the U.S. and promises to bring it "on-chain"

Reddit Co-Founder announcement. He has that broad portfolio of experience... of where social media was and, I think, a keen understanding of where it's evolving

Alexis Ohanian, co-founder of Reddit and a recognized figure in the cryptocurrency sphere, has joined Project Liberty's bid to acquire TikTok in the U.S , with the aim of integrating the social media platform with blockchain technology.

Ohanian's involvement was announced by billionaire Frank McCourt, the founder of Project Liberty, who is leading the effort to acquire TikTok's U.S. assets.

"He has that broad portfolio of experience... of where social media was and, I think, a keen understanding of where it's evolving," McCourt said of Ohanian, adding that the Reddit co-founder brings valuable experience that could play a key role in the acquisition.

The initiative to integrate TikTok with blockchain is a continuation of Project Liberty's vision to revolutionize social media with a focus on user data ownership and a decentralized ecosystem.

McCourt's project is developing a layer-1 network called Frequency, which is designed to give users full control over their social data. It is part of the Decentralized Social Networking Protocol (DSNP), an open protocol being created by Project Liberty to set a new standard for social media and data ownership.

"Frequency will empower these principles to become reality. And with transparency and accountability at the core, this new TikTok won't just be fairer—it'll be GREATER," Ohanian stated in a post on X.

Ohanian's venture capital firm, Seven Seven Six, has been actively investing in blockchain and cryptocurrency startups. The firm participated in fundraising rounds for major Web3 companies, including Bored Ape Yacht Club creator Yuga Labs, Doodles, Rainbow, and Sorare.

Earlier this year, Ohanian expressed his interest in seeing a decentralized version of TikTok, reflecting his vision for a more user-centric and transparent online world.

"I want to see a decentralized TikTok, where the creators own their audience and the users own their data," Ohanian stated in a post on X in February.

McCourt's project aims to create a new chapter for TikTok with Frequency, a blockchain designed for social good and the metaverse. The initiative envisions a TikTok that prioritizes creators, provides a transparent and accountable platform, and empowers users with data ownership.

"We're going to create a new chapter for TikTok—one where Frequency, a blockchain designed for social good and the metaverse, will be used to integrate TikTok into the Web3 ecosystem," McCourt added in a statement.

The effort to acquire TikTok and integrate it with blockchain technology is expected to have a significant impact on both the cryptocurrency market and the broader tech industry. It remains to be seen how this development will unfold and what implications it may have for the future of social media and Web3.

As the bid to acquire TikTok progresses, the crypto community is eagerly anticipating the role that Ohanian's venture capital firm, Seven Seven Six, will play in this transformative acquisition.

The involvement of crypto entities and venture capitalists in acquiring and integrating major social platforms with blockchain technology could herald a new era of decentralized and user-centric social media.

This acquisition bid is a testament to the increasing intersection of cryptocurrency, venture capital, and the mainstream technology sector.

The crypto market is expecting a significant move after Alexis Ohanian, co-founder of Reddit and a known figure in the crypto space, has joined Project Liberty's bid to acquire TikTok in the U.S. and bring it “on-chain”.

Ohanian will be bringing his venture capital firm Seven Seven Six and crypto experience to the bid, which is being led by billionaire Frank McCourt, founder of Project Liberty.

McCourt’s project is developing a layer-1 network called Frequency, which is designed to give users full control over their social data. It is part of the Decentralized Social Networking Protocol (DSNP), an open protocol being created by Project Liberty to set a new standard for social media and data ownership.

"Frequency will empower these principles to become reality. And with transparency and accountability at the core, this new TikTok won't just be fairer—it'll be GREATER," Ohanian stated.

Earlier this year, Ohanian expressed his interest in seeing a decentralized version of TikTok, reflecting his vision for a more user-centric and transparent online world.

"I want to see a decentralized TikTok, where the creators own their audience and the users own their data," Ohanian stated.

McCourt's project aims to create a new chapter for TikTok with Frequency, a blockchain designed for social good and the metaverse. The initiative envisions a TikTok that prioritizes creators, provides a transparent and accountable platform, and empowers users with data ownership.

"We're going to create a new chapter for TikTok—one where Frequency, a blockchain designed for social good and the metaverse, will be used to integrate TikTok into the Web3 ecosystem," McCourt added.

The effort to acquire TikTok and integrate it with blockchain technology is