Reddit Announces to Give Away 950,000 Units of its New Cryptocurrency

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Reddit Announces to Give Away 950,000 Units of its New Cryptocurrency

ForexMinute.com – Social media platform Reddit recently announced to give away 950,000 units of its new cryptocurrency – Reddit Notes – in the fall of 2015.

Reddit Notes is a new decentralized asset project to award active Reddit users through a random lottery. It is a part of a project that was launched in September this year to benefit active participants in Reddit community. The company, after the announcement, further received a whopping $50 million fund from a range of investors. It meanwhile announced to use the funds to hire more staff for product development, build better social media tools, as well as “expanding community management”.

With the aforementioned announcement, Reddit kept its promise to return 10% of its shares back to the community. The company quoted on its blog:

“To celebrate all of you and your contributions, we plan to give away Reddit notes in a random lottery. As of this point, it looks like we’re going to have approximately 950,000 Reddit notes to divide among active user accounts. […] Eligible recipients of Reddit notes will be determined based on activities before 09/30/14 (when we first announced this project), and we plan to give them away in the fall of 2015.”

The new cryptocurrency however won’t be as liquid as one may expect it to be, at least in its initial phase. Reddit engineer Ryan X mentioned a number certain legal constraints which will be needed to overcome for making Reddit Notes exchangeable for something of value, like shares.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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With an upbringing rooted in deep ethical values, Yashu Gola knows how to put honesty and dedication into his articles. This young and dynamic financial analyst has done his graduation in IT engineering. His interests in financial writing have once brought him to our digital doorsteps. Since then, he has been an integral part of ForexMinute.com and writes the most captivating news-articles on the foreign exchange industry, cryptocurrencies, and medical marijuana trading.