Over the course of time, cryptocurrencies have started making their way into the global economy as the most demanded asset or commodity. The industry has been growing really fast and it seems to be expanding in all major sectors globally.
Cryptocurrency technology is growing really fast and with time, it has become inevitable for mainstream institutions. Among the major institutions, it is the tech giants that are adopting cryptocurrencies at a much higher rate than other institutions.
In the recent reports, it is Reddit, a major social media giant from the United States that is aiming to adopt cryptocurrencies in a unique manner. As of now, Reddit is aiming to become one of the top social media and tech giants to adopt cryptocurrencies.
The recent reports reveal that Reddit is aiming to offer cryptocurrencies to its users in a way the users won’t find it inconvenient. It has been reported that Reddit is aiming to convert the karma points for their users to ERC-20 tokens that are Ethereum-based.
In addition to offering the conversion of karma points to crypto, Reddit is also aiming to increase its user base on a large scale. It has been speculated by the executives at Reddit that they are aiming to bring in over 500 new users to the platform. These users would be the ones with exposure to cryptocurrencies.
This information has also been shared by one of the engineers at Reddit who has recently been hired by Reddit.
The Reddit engineer “Rahul” was the one who talked about the plans that Reddit is planning to achieve in the upcoming days surrounding cryptocurrencies. He talked about Reddit’s plans through his Twitter profile, highlighting what the developers at Reddit are working on.
He revealed that the Reddit developers are currently working towards the improvement of interactions for users on the Reddit platform. The Reddit developers are reportedly working on several initiatives based on cryptocurrencies.
It was back in July of 2021 when Reddit had made an announcement in regards to launching a layer-two solution. The social media giant revealed that it had used the technology offered through the Arbitrum protocol for the rollup of layer-two solution. The firm announced that it had deployed the layer-two protocol for the Community Points that act as reward points on Reddit.
Later on, Reddit had made an announcement through its website for the users surrounding the Community Points. In the announcement, Reddit had revealed that the Community Points were indeed available for the users through the blockchain system.
With the launch of its own blockchain- and cryptocurrency-based protocols, Reddit is making the efforts of building up a strong cryptocurrency community.