Reddit wants its own cryptocurrency for users

Reddit is considering starting its own cryptocurrency after an investment round that raised $50 million, or $39.6 million. The goal is to return 10 percent of the equity to users. Reddit’s value is now set at $500 million, or $396 million.

The investors who put $50 million into Reddit have agreed to return 10 percent of the value of their shares to the Reddit community “in recognition of the community’s central role in Reddit’s continued success.”

“We’re thinking about creating cryptocurrency and making it interchangeable with those Reddit stocks,” Reddit CEO Yishan Wong wrote. “And then distribute that currency to the community.” Yishan does keep a lid on the arm. “The plan is still in its first phase and it could fail completely.”

He does promise that the shares will reach the community in a different way if the cryptocurrency plan fails. In any case, there would be no legal objections.