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Reddit plans to relaunch cryptocurrency payments

Reddit plans to relaunch cryptocurrency payments

Reddit is planning to relaunch cryptocurrency as an option for payment in the near future.

In an interview with Cheddar, Reddit's Chief Technology Officer, Chris Slowe revealed on Thursday that they would soon bring back the option of digital transactions on their platform.

The payment option through Bitcoin was removed from the platform in March. The main reason for removal of digital currencies as a payment option due to a 'Coinbase change' and only Paypal was accepted.

"The upcoming Coinbase change and some bugs around the virual coins payment was affecting the purchases for certain users. That's why we decided to remove Bitcoin as a payment option," said Reddit administrator at that time.

In the interview, Slowe stated that Bitcoin would soon return to the fore and other cryptocurrencies may be in the works as well.

  However, they would wait until their major payment processing platform, Coinbase finish redesigning of their payment services.

"They are doing a major revitalization of their payment gateway," Slowe said.

"We will cryptocurrencies back once the current redesign finishes landing," she added.

Slowe asserted that the tools provided by Coinbase only supported Bitcoin payments on Reddit earlier, but now we are trying to pave way for alternative cryptocurrency payments soon. She revealed that Ethereum (ETH) and (LTC) are also under consideration.

"We might probably jump back and make more options available for our users," the executive added.

Reddit has a strong connection with the cryptocurrency that only a few other websites have.

In December, Steam had also removed Bitcoin as a payment option citing "high fees and volatility in the value of Bitcoin."