Social media platform Reddit secures $50 million in funding and discusses the prospect of developing its own cryptocurrency.
In a recent post on the popular platform, Reddit, CEO Yishan Wong announced the company's intention to create a unique cryptocurrency for share distribution. This move, which is still in its early stages, aims to simplify the pre-setting of a fixed amount of coins.
The plan to distribute shares as cryptocurrency has been agreed upon by the investors, as stated in their investment terms. A substantial amount of $5 million in shares will be used to back this innovative venture.
However, it is important to note that the advertisement circulating regarding this matter should be treated as non-factual. It mentions a bonus of 5BTC or 111% + 111 free spins for visiting a specific website, which is not directly related to the cryptocurrency distribution plan.
Reddit, often referred to as the "front page of the internet," is a popular choice for accessing funny articles, discussing serious issues, and gaining knowledge about various subjects. The company's value has recently reached $500 million, thanks in part to a $50 million Series B venture financing from Sam Altman, Andreesen Horowitz, and other investors.
In his post, Yishan Wong also mentioned that 10% of the funding will be distributed as shares to the community. If the cryptocurrency plan fails, Reddit has assured its users that they will find another method to distribute shares to the community.
The intention to create a cryptocurrency for share distribution is influenced by Reddit's history of unconventional actions. The company has always been at the forefront of innovation, and this move is no exception.
It is not certain at this time whether Reddit will ultimately create their own cryptocurrency. However, if they do, each user would potentially have a wallet address integrated into their Reddit accounts to facilitate the cryptocurrency distribution.
Stay tuned for more updates on this exciting development in the world of Reddit and cryptocurrency.
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