Major crypto exchange Kraken officially opened trading for BRICK and MOON on its platform on Monday, leading to a flurry of excitement and a corresponding surge in the tokens’ prices.
Enjoy! 😁 https://t.co/I8XKepa8ao
— r/CryptoCurrency Moderators (@CCMOD_) August 7, 2023
Traders of both Kraken and Kraken Pro will be able to trade these tokens against U.S. dollar and Euro pairs. Users can also deposit their tokens directly into their accounts on the crypto exchange.
“Only deposit MOON and BRICK tokens using the Arbitrum Nova network. Deposits using other networks will be lost,” Kraken informed users in a blog post.
While MOON is the native cryptocurrency of the Reddit community r/Cryptocurrency, BRICK is the native token of the r/FortNite subreddit. Data from Coingecko shows that MOON surged 50% to a high of $0.47, while BRICK gained 76% to $0.04 on Monday.
Both coins are based on the ERC-20 token standard and are awarded to users based on their engagement and contributions to the community. For instance, users can earn tokens by posting comments on the forum or acquiring them in the form of tips from other users.
Over time, users that have been particularly active on these forums have racked up a considerable amount of points, that would now amount to several thousands of dollars.
Last month, both tokens saw triple-digit gains following an update to Reddit’s terms of service, which allowed users to earn, purchase or sell these cryptographically verified currencies. At the time, a representative from Kraken said the exchange would be open to listing new assets on the platform, without making any promises about a specific listing.