Reddit Ventures into Bitcoin and Ethereum Investments
Date: 2024-02-23 Author: Dima Zakharov Categories: BUSINESS
Reddit's Cryptocurrency Ventures
The leadership of the major internet forum Reddit has revealed its ongoing investment in Bitcoin and Ethereum. The cryptocurrency investment strategy commenced in 2022. Reddit disclosed this information regarding its cryptocurrency investments following the filing of a stock listing application on American exchanges. The company holds BTC and ETH in its wallets, although it emphasizes that the amounts are "insignificant."
Exploring Blockchain Potential
Additionally, Reddit sees significant potential in blockchain technology and has experimented with selling virtual goods for ETH and MATIC. While the amounts involved were modest, the company acknowledged the convenience of using cryptocurrencies for payment transactions.
Uncertainties and Long-Term Perspectives
Reddit acknowledges the substantial potential of cryptocurrencies and blockchain technology. However, it notes that the popularity and prevalence of digital assets are relatively recent trends. It remains uncertain whether they will continue to be popular and utilized by retail consumers and businesses in the long term.
Conclusion of Loyalty Program
Previously, Reddit operated a loyalty program based on the Ethereum network, issuing ERC-20 tokens called Community Points to users. However, the program was discontinued last fall.
