Reddit co-founder Alexis Ohanian is looking to acquire TikTok to bring the controversial social media app “onchain,” according to a message on Tuesday. The app plans to integrate the Frequency blockchain, a “decentralized social media protocol” designed to give users control over their online.
“Exciting news for the digital world. I'm officially now one of the people trying to buy TikTok U.S. — and bring it on-chain,” Ohanian posted to X. “TikTok has been a game-changer for creators, and its future should be built by them. Users should own their data. Creators should own their audience. Period.”
Ohanian is joining Frank McCourt’s previously announced “Project Liberty” bid to acquire TikTok's U.S. operations. The United States government is forcing TikTok's parent company, ByteDance, to either sell its U.S. assets or shut the app down in the country due to alleged concerns about national security and data privacy.
TikTok shut down in the U.S. briefly before President Donald Trump took office, who revived the app in one of his first official acts. Trump then granted a 75-day delay in enforcing the app’s ban.
McCourt, an American business tycoon, said Ohanian will promote the Project Liberty offer, which he calls "The People's Bid" because of plans to let users control their data using blockchain technology. “Shark Tank” investor and crypto advocate Kevin O’Leary is also part of the Project Liberty offering.
Frequency, the blockchain TikTok would integrate if the deal goes through, uses a “unique pricing model” to facilitate high-volume social interactions on the blockchain and a consensus mechanism to make different social applications built on the platform interoperable.
Frequency is a decentralized, blockchain-based platform created by Project Liberty, designed to enhance transparency, accountability and data ownership. It empowers creators to own their relationships with their audiences while enabling businesses to build deeper connections with their customers. If it serves as the underlying technology for the redesigned TikTok, Frequency could prioritize privacy, security and digital independence as core principles rather than optional features.
“We're setting a new standard for what’s possible in digital communities. A TikTok for the people, by the people. Let's see if we can pull this off.”
This is not the first time Ohanian, who co-founded Reddit in 2005 with Steve Huffman, has sought to integrate blockchain tools into social media.
In May 2020, Reddit introduced "Community Points," an Ethereum-based token system designed to reward users for their contributions to specific subreddits like r/Cryptocurrency. These community tokens were initially launched on Ethereum’s Rinkeby testnet before being migrated to the Arbitrum Nova Layer 2. The site also launched a series of collectible NFT avatars on Polygon.
Last year, Reddit disclosed that it holds several cryptocurrencies, including Polygon’s MATIC token, ether and bitcoin, on its balance sheet. Meanwhile, Ohanian's venture firm, Seven Seven Six, has raised multiple multi-million funds specifically to invest in crypto tokens and startups.
In late 2021, Ohanion reportedly looked to build a decentralized social media network on Solana. It's unclear what happened to that plan, which involved the now incarcerated founder of FTX, Sam Bankman-Fried, who also planned to build a fiat-to-crypto payment system for Reddit.
Ohanian has also been an outspoken crypto advocate in his personal life. He reportedly purchased 50,000 ETH at around $0.30 per token in 2014, used crypto to buy his wife — tennis star Serena Williams — a $3 million, 17-carat diamond engagement ring and has sported various NFTs like CryptoPunks and Bored Apes.
In previous interviews, Ohanian has mentioned his belief in using crypto as a hedge against oppressive systems stems from his family history with the Armenian genocide.
Ohanian sold Reddit to Conde Nast in 2006 and returned to the firm in 2014 as executive chair. He resigned from the board in 2020. He has invested in a number of tech companies, including Instacart, Patreon and OpenSea.
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