Summary
TLDR: Reddit has invested in Bitcoin, Ethereum, and Polygon, showing a bullish stance on cryptocurrencies. The company is integrating crypto into its business model and acknowledges the risks associated with price volatility, cybersecurity threats, and accounting challenges. Despite the challenges, Reddit believes in the potential of blockchain technology and is positioning itself at the forefront of the digital revolution.
Key Points
1. Reddit has invested part of its excess cash reserves into Bitcoin (BTC) and Ethereum (ETH), showing a bullish stance on the future of cryptocurrencies.
2. The company also acquired ETH and Polygon (MATIC) as a form of payment for sales of certain virtual goods, illustrating its commitment to integrating cryptocurrency into its business model.
3. Reddit acknowledges the risks associated with investing in cryptocurrencies, including price volatility, exchange rate risks, cybersecurity threats, and technological obsolescence.