The popular social media platform Reddit has made $ 4 billion since its last round of funding earlier this year in February.
Six months ago, the company raised $ 250 million in Series E funding valued at $ 6,000 million.
Thursday, Reddit announced a Series F funding round led by Fidelity Management and Research Company LLC, which is expected to close at approximately $ 700 million and a subsequent valuation of $ 10 billion.
According to the New York Times, Investments in the funding round have so far reached $ 410 million, and Reddit has said it expects more funding from existing investors hit the $ 700 million goal.
Reddit’s true rating is difficult to gauge as the company doesn’t have to go public just yet. In relation to this, Reddit co-founder and CEO Steve Huffman told the Times:
â ???? We are still planning an IPO, but we do not yet have a fixed schedule for it.
“All good companies should go public whenever possible,” he added.
The company will use the latest resources to drive international growth, simplify the user experience, improve website functionality, and add more video and audio capabilities. in addition to developing a self-service advertising system.
The platform competes with ad-based social media giants like Facebook and Twitter, and Huffman says, “We grew up in the shadow of Facebook and Google and had to fight for virtually every dollar we make.”
In contrast to Facebook or Google Reddit has already launched its own cryptocurrencies in the form of Reddit Community Points, or RCP for short.
The r / CryptoCurrency subreddit with 3.3 million members has its own currency called r / CryptoCurrency Moons (MOON).. In January, Cointelegraph reported that one user was selling 14,000 moons that they had purchased for free to pay for their rent.
MOON is currently more expensive than Dogecoin (DOGE). At the time of this writing, according to CoinGecko, DOGE is trading at $ 0.27 while MOON is trading slightly above it at $ 0.29.
The r / FortNite subreddit has released a similar PCR called BRICK.
Reddit is home to the infamous r / wallstreetbets meme group, which started retailing and their pumping jokes. The group’s popularity led to the creation of the cryptocurrency equivalent at r / SatoshiStreetBets, which now has a community of 480,000 Redditors.