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Reddit putting cryptocurrency plans on hold

Reddit has put its plans to launch its own cryptocurrency, dubbed ‘Reddit Notes’, on hold after the project’s lead engineer was let go. Reddit originally announced its plan to launch its own digital currency last year, this was the company’s way of giving its users back 10 per cent of its recent round of funding, amounting to around $5 million.

Reddit’s executive chairman, Alexis Ohanian, said today that the company will be waiting until “wait until the law and technology around cryptocurrency are further along before deciding exactly how”.

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Reddit initially hoped to give 950,000 Reddit Note coins out to its users in a lottery of sorts based on their social activity prior to September last year.

Reddit initially hired Ryan X. Charles to create Reddit Notes but he was recently let go from his position as lead engineer, he announced on Twitter: “wait until the law and technology around cryptocurrency are further along before deciding exactly how”.

Charles apparently did not report to anyone directly in the company and is under the impression that Reddit’s new leadership is uninterested in Bitcoin. It looks like Reddit Notes may not see the light of day for a pretty long time.

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KitGuru Says: It looks like Reddit is taking a step back from cryptocurrency for now, which is understandable as the digital currency market can be fairly unpredictable. For now, the future of Reddit Notes is uncertain.

Source: The Verge

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