How This NFT Project Raised $54 M With Backing From A Reddit Co-Founder

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....

Author's note: The following article has been edited by the author to reflect an unbiased view of Yishan Wong's personal feelings toward bitcoin. The original article accused Wong of being "Anti-Bitcoin," an assumption that is incorrect according to outside sources. Wong is not anti-bitcoin, and the author apologizes for his original use of words. Yishan Wong, the previous CEO of Reddit, resigned from his position following two and a half years of work. Shortly following the announcement, Reddit co-founder Alexis Ohanian returned to the company as executive chairman. While Wong steered....

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....

Furor over management decisions, an abrupt CEO exit, a rising competitor. The last few months haven't been kind to Reddit, the social networking giant that raised $50m in new funding in September from an A-list cast of VC firms including Andreessen Horowitz and Sequoia Capital alongside angel investors including Snoop Dogg and Peter Thiel. However, if one former employee and bitcoin developer succeeds on his vision, Reddit's biggest challenge could be a decentralized, bitcoin-based alternative. Called DATT (short for Decentralize All the Things), the still-in-development social network....

Estimates suggest the metaverse project raised 25,000 SOL at its NFT mints, earning between $2 to $4 million. The founder of NeoNexus, a Solana-based NFT project, has stated the team is no longer developing the project, blaming the drop in Solana (SOL) prices for the decision.The project's founder, Jack Shi, took to the official Twitter account for NeoNexus, tweeting at 2 pm UTC on March 21 that it was no longer continuing the “healthy development” of the project, adding they would like to hand it over for the community to develop.It is with a heavy heart that we must inform you that we....