Reddit Raises $50 Million, Plans New Cryptocurrency to Reward Users
Reddit has announced a new $50m funding round that could lead to a unique way for the social network to give back to its community - its own cryptocurrency. In a post on the company's official blog, CEO Yishan Wong revealed Reddit had secured funding from a number of well-known venture capitalists and VC funds. Notable names included Sam Altman, president of the Y Combinator startup incubator, Andreessen Horowitz partner Marc Andreessen, PayPal co-founder Peter Thiel, actor Jared Leto, hip-hop superstar Snoop Dogg and Wong himself. Perhaps most notably for the digital currency community,....
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Social content sharing website Reddit may integrate Bitcoin P2P payments, allowing users to make send money between each other for tipping or making purchases. Reddit was already no stranger to the ins and outs of cryptocurrency. Just last month (December) the site announced plans to develop its own digital currency which would be given away to users as a reward and as a 'celebration' of its users' contribution towards the success of the site. Added to that, there is also the fact that the site's /r/bitcoin board has become one of the most popular destinations for Bitcoin users and....
Earlier today, Reddit posted to its blog and announced the "Reddit notes," the name of the long-awaited Reddit cryptocurrency. Reddit recently closed a $50 million USD funding round led by Sam Altman, Marc Andreessen of Andreessen Horowitz, and Alfred Lin of Sequoia Capital. Soon thereafter, Reddit announced their plans to "share" 10% of the equity raised with the loyal users of Reddit, without whom the funds could not have been raised. To help with their new cryptocurrency, Reddit posted a job ad for a "cryptocurrency engineer" and quickly hired BitPay developer Ryan Charles back in....
Reddit just revealed their plans to create a cryptocurrency as part of a widely-supported move to share 10% of the equity raised with Reddit users. Hours ago, Sam Altman, a well known venture capitalist, announced that he was investing in reddit personally, not through Y Combinator. Also joining Sam in the $50 million USD fund raise for Reddit are Marc Andreesen of Andreesen Horowitz and Alfred Lin of Sequoia Capital. Sam Altman worked alongside Reddit's cofounders, Steve Huffman and Alexis Ohanian, nearly a decade ago when they were in the same Y Combinator's start-up batch. Editor's....
Ryan Charles, the former Cryptocurrency Engineer hired by Reddit to work on a cryptocurrency for the front page of the internet, has been let go. Ryan Charles explained his previous motivations for leaving BitPay to join up as the world's first Cryptocurrency Engineer: I was won-over by the then-CEO Yishan, who had an awesome vision for the future of reddit, including cryptocurrency as the financial system of the internet city that is reddit. However, Yishan suddenly and unexpectedly resigned his position a month or two later, probably due to exhaustion. Ryan Charles Says Reddit Isn't....
Yesterday, Reddit's admin Yishan announced that they plan to create a cryptocurrency. Reddit raised $50 million in funding, and plans to share 10% with the userbase somehow, calling for the possible need for a cryptocurrency. The plan is in its infancy, but Andrew Barisser of Assembly Coins wrote an open letter to Reddit. He makes a strong argument for Reddit building on top of the Bitcoin blockchain, rather than creating another altcoin. Barriser says: "From a technical point of view, however, Reddit stands at a crossroads with many different paths. How to implement their vision so that....