New Funding Round Saw Reddit Gain $4B In Value Since February

A new funding round saw Reddit gain $4B in Value since February and now reached a valuation of $10 billion with plans to go public soon according to Steve Huffman, co-founder, and chief executive so let’s read more in our latest crypto news.

The popular social media platform Reddit gained $4 billion in value since February and six months ago, the company raised $250 million in Series E funding at a valuation of $6 billion. In the latest move, Reddit announced a Series F funding which is led by Fidelity Management and Research Company LLC and it is expected to close at around $700 million with a valuation of $10 billion. According to the New York Times, the investment in the funding round reached $410 million so far with Reddit stating that it expects more financing from existing investors to hit $700 million.

The real valuation of Reddit is hard to gauge as the company is yet to go public. Steve Huffman, the Reddit co-founder said:

“We are still planning on going public, but we don’t have a firm timeline there yet. All good companies should go public when they can.”

The company will use the latest funds to further international growth and to simplify the user experience which will improve website functionality and will roll out more video and audio features alongside developing the self-service Ad system. The platform competes with ad-based social media giants like Twitter and Facebook with Huffman stating that they have outgrown the shadow of Google and Facebook and each dollar they have made so far they had to fight for it.

Unlike Google and Facebook, Reddit launched its own crypto in the form of Reddit Community Points. The r/cryptocurrency subreddit which has 3.3 million members, has its own MOON coin which one user sold 14,000 of it to pay rent. MOON has a higher price than DOGE right now and at the time of writing, DOGE is sitting at $0.37 while MOON is above $0.29. Reddit is home to the notorious meme stock group r/wallstreetbets which had a huge impact on the stock market with its retail trading and pumping antics and the group’s popularity led to the creation of the crypto equivalent in r/SatoshiStreetBets that has a community of 480,000 Redditors.

Source: https://www.dcforecasts.com/altcoin-news/new-funding-round-saw-reddit-gain-4b-in-value-since-february/