Reddit Invests Surplus Funds in Bitcoin and Ether

The management of the large online forum Reddit said that the company is gradually investing in Bitcoin and Ethereum. The cryptocurrency investment strategy started back in 2022.

Reddit has disclosed information about investments in cryptocurrencies in connection with an application to list shares on American exchanges: the company has BTC and ETH in its wallets, however, it separately emphasizes that the amounts are “insignificant.”

Reddit also sees great potential in the blockchain and has experimented with selling virtual goods for ETH and MATIC. The amounts were small, but in the end the company recognized the convenience of using cryptocurrencies for payment transactions.

“While we believe that cryptocurrencies and blockchain have significant potential, the popularity and prevalence of digital assets is a relatively recent trend. It remains to be seen whether they will remain popular and continue to be used by retail consumers and businesses in the long term,” the documents note.

Let us recall that Reddit previously operated a loyalty program based on the Ethereum network – users were issued ERC-20 tokens called Community Points. However, the program was closed last fall.