Reddit Raises $50 Million, Plans New Cryptocurrency to Reward Users

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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, however, was that all of these investors agreed to set aside 10% of the round’s proceeds to give back to the community.

Wong wrote that the move was a recognition of the central role the digital currency community has played in Reddit’s ongoing success, but provided few details on the company's potential plans.