Sequoia Capital: new cryptocurrency BitClout gives creators and influencers 'new style of monetization'

BitClout, a cryptocurrency-based social network that recently launched on Blockchain.com, will give creators and influencers a "new style of monetization," Sequoia Capital, an early investor in the product, said on Tuesday.Shaun Maguire, a partner at Sequoia Capital, told CNBC that the crypto will give creators opportunities for direct monetization through its digital currency.Comparing the operating structure to what creators can expect on platforms like Twitter (TWTR) and Facebook's (FB) Instagram, Maguire said BitClout offers a more direct business model. As a result of the cryptocurrency, the company won't have to sell data or run ads to earn money.Earlier this year, BitClout made headlines by reserving profiles on its platform for the top 15,000 influencers on Twitter.During Tuesday's interview, Maguire declined to reveal how many of those celebrities had activated their BitClout accounts.However, he did say that many subsequent reports misunderstood the purpose of the reserved accounts. Maguire explained that BitClout simply