The annual report of Reddit to the SEC revealed that the social network holds a small amount of Bitcoin and Ethereum in its reserves.
The company also uses ETH and MATIC to pay for certain virtual goods, within its investment policy that requires board approval for any cryptocurrency investments that are not considered securities by regulators like the SEC and CFTC.
Reddit has previously implemented initiatives such as avatars on Polygon and the use of Community Points, which are based on the ERC-20 standard on Ethereum and have been scaled using Arbitrum’s second-tier solution.
These initiatives reward users for posting content and have been implemented in various subreddit threads such as r/Cryptocurrency and r/FortniteBR.
