Reddit look set to launch their own cryptocurrency

Rajan Dhall, MSTA FX Daily

Reddit can sometimes be described as controversial and this latest development certainly falls into that category. Even despite the backlash Telegram and Facebook have received the company are looking to launch their own actual cryptocurrency running on the Ethereum network.

In the plans, it has been said that Reddit users can get their hands on the coins by posting on the site. The most popular posts will be rewarded with tokens (unconfirmed). It has been said that currency can be used to buy exclusive badges, to use animated emojis and to reply to Reddit comments using gifs.

The site has more than 430 million monthly active users and is now seeking to pull ahead of Facebook. They may run into issues as just recently Telegram scrapped plans to launch their Gram tokens due to regulatory pressures in the US.

Reddit, which is majority-owned by Advanced Publications, says the cryptocurrency is just a test. They went on to say “We continuously run experiments to explore features that engage our users and communities,” according to a spokesperson for San Francisco-based firm. “With Community Points, we’re working exclusively with two communities to test this feature and gather feedback from our users.”.

So you heard it here, there could be another long drawn out regulatory battle as the popular message board (online community) looks set to press ahead with their plans despite what has happened to Telegram and Facebook.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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