Crypto News

Crypto-friendly social media platform Reddit Files goes public via IPO

                                                            In einer offiziellen Mitteilung gab das Unternehmen bekannt, dass es vertraulich ein Formular S-1 bei der US-amerikanischen Börsenaufsichtsbehörde SEC eingereicht hat.

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Reddit begins plans to go public

Reddit did not provide any further information about the proceeding, but stated that it has started paperwork with the SEC regarding its proposed IPO next year.

The company pointed out that for regulatory reasons it has decided not to disclose any further details about its public offering.

“The number of shares to be offered and the price range for the proposed offer have not yet been determined. The IPO is expected to occur after the SEC’s review process is completed, subject to market and other conditions, ”the announcement said.

A crypto-friendly platform

In early August, the company raised approximately $ 700 million in a Series F funding round that saw its valuation hit $ 10 billion after the cash injection.

Although it is relatively small compared to other leading social media platforms including Twitter and Facebook, Reddit continues to see an influx of users since it did Cryptocurrencies into its daily operations.

The number of daily active users has grown to over 50 million, while the monthly user base is 430 million. The subreddits, on the other hand, are over 100,000 according to the latest statistics.

The social media platform has integrated cryptocurrencies in the form of community points for two subreddits. The tokens with the names MOON and BRICK are on the Ethereum Blockchain and allow users to earn rewards through comments and publications on the platform. Users can also spend the points on various services, including purchasing memberships and voting in weighted surveys.

After introducing Community Points, Reddit doubled blockchain technology by partnering with the Ethereum Foundation to Improve Scaling and Open Source Development.

Reddit is notably home to popular meme stock group Wall Street Bets. It became hugely popular earlier this year when its 10 million plus users stirred up the stocks of American video game retailer GameStop.

The group’s actions had a massive impact on the prices of cryptocurrencies and traditional stocks.

Source: Crypto News Deutsch

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