The American-based social news and website content giant, Reddit, has informed its clients and the global community at large that it has submitted a filing process intending to go public and that it has commenced the application with the Securities and Exchange Commission (SEC) of the United States.
Although the total number of the shares and prices involved are all yet to be concluded and only the IPO will be activated immediately upon completion of the review process by the SEC, no express information was given by the American social news agency.
This is a very huge accomplishment for Reddit, which has successfully hewn its name on the pillars of history as far as cryptocurrency and the digital market are concerned. To an average American, Reddit can inarguably be labeled as the center of memes and social news, and several of its clients have left indelible marks in the world of cryptocurrency.
The Nature of Reddit’s Impacts on the Crypto Economy
Reddit was ranked, barely two months ago, as the 7th most visited website in the US. That’s unsurprising. Several crypto users now see Reddit as their go-to place to upload their positions and memes on the condition of the market.
On the other side of it, many crypto-related outlets also see it as a viable place to give updates and be conversant of the latest events. Just to be ahead of the curve.
At the peak of it, Reddit is like a point of last resort for the financial market and its subsidiaries, including the WallStreetBets.
Founded back in 2005, the origin of Reddit can be traced to three people – Steve Huffman, Aaron Ohanian, and Alexis Ohanian back in the University of Virginia where they were all roommates.
It was in October 2006 that Condé Nast Publications had a full acquisition of the website.
As of September 2021, Reddit broke the record of being the world’s 19th most-visited website. The breakdown of its users by nationality shows that 42-49.3% of its clientele hails from the United States; after which is the United Kingdom at 7.9-8.2%.
Fast forward to July 2017, Reddit was able to raise a breathtaking sum of $200 million for a valuation of $1.8 billion, but Advance Publications keeps the flow of operation as the major shareholder.
The Synergy Between Reddit And Cryptocurrencies
Behind a huge player in the cryptocurrency economy, Reddit has incorporated its reconnaissance into the major and minor cryptocurrencies with the likes of BRICKs and MOONs.
These two platforms have played a huge role in the gradual but radical growth of the cryptocurrency sphere as they have done well in the area of getting them monetized.
Reddit has always been a proud supporter and partner of the Ethereum Foundation to solidify calibrating technology. As of 2020, it made it known that it was working on a plan to ensure better delivery of Ethereum.
Conclusively, there are innovations that are putting in their optimum best to ensure the growth of the industry.