Social Community Platform Reddit Adds Bitcoin and Ethereum to Balance Sheet
Social community platform Reddit has disclosed in a filing with the Securities and Exchange Commission that it has added Bitcoin (BTC) and Ethereum (ETH) to its balance sheet as part of its preparations to go public. The filing for an initial public offering (IPO) revealed that Reddit had invested some of its excess cash reserves in the two leading cryptocurrencies, although the exact amount was not specified. Additionally, Reddit mentioned that it had acquired Polygon (MATIC) to facilitate payments for virtual goods on its platform.
Background: Reddit’s Involvement in the Crypto Space
- In 2020, Reddit introduced Moons and Bricks, tokens operating on Ethereum’s blockchain testnet, which users could earn and spend within certain sections of the site.
- Reddit recently launched an extensive NFT avatars initiative on Polygon, where customized versions of the “Snoo” mascot were sold or given away in collaboration with artists and brands like the NFL.
- According to blockchain data from Dune, over 34 million Reddit NFT avatars have been minted so far.
Hot Take: Reddit’s Crypto Ventures Ahead of Its IPO
As Reddit prepares for its initial public offering, the company’s decision to invest in Bitcoin and Ethereum showcases its confidence in the future of cryptocurrencies. By adding these digital assets to its balance sheet, Reddit positions itself at the forefront of the crypto revolution. Furthermore, its involvement in tokenized rewards and NFTs demonstrates a commitment to exploring innovative use cases for blockchain technology. As a crypto enthusiast, you can expect Reddit’s foray into the crypto space to inspire other platforms and encourage wider adoption of digital currencies.
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