News From The Crypto Currencies Scene

Reddit Receives 50 Million in Funding and Talks About Creating Cryptocurrency

Reddit Receives $50 Million in Funding and Talks About Creating Cryptocurrency

The online community “Reddit” is seen as the front page of the internet and they are a very popular choice for people looking for funny articles, discuss serious issues or get more knowledge about a certain subject. Their popularity has done nothing but increase and their company has now been valued at $500 million and received a $50 million Series B venture financing from Sam Altman, Andreesen Horowitz and a few other investors.


The CEO of Reddit, Yishan Wong, announced at the same time that 10% of these money will be distributed back as shares to the community and explained his idea about creating a special cryptocurrency to do so.


“The investors have explicitly agreed to this in their investment terms. hat will happen is that the $5 million in shares will be used to back the coins which will then be distributed to the users.” Wong said in his post on Reddit.


The advantage of creating a cryptocurrency and split the coins amongst the users is the simplicity of creating a pre-set amount of coins and ensure that nothing will be copied. Furthermore the distribution would be relatively easy, as every user should simply have a wallet address integrated into their accounts in Reddit to receive the coins.


“Again, we want to emphasize that this plan is in its earliest stages right now and could totally fail (if it does, we will find another way to get the shares to the community somehow), but we are going to try it because… well, because we are reddit and we do these kinds of things.” Wong finalized, saying that it is not certain that Reddit will create their own cryptocurrency.

News by Daniel Allermand
Daniel Allermand - Reporter

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.


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