Media site Reddit raised $50 million in a...
Media site Reddit raised $50 million in a funding round led by Sam Altman, Y Combinator president, said a Reddit news release Tuesday (http://bit.ly/1ovvKqP). Venture capitalists Alfred Lin (Sequoia Capital) and Marc Andreessen (Andreessen Horowitz) also participated in the financing…
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round, it said. The funding will be used to hire additional staff and to develop the company’s technical infrastructure, it said. Reddit is also considering creating its own cryptocurrency that would be backed by company stock and distributed among Reddit users, said CEO Yishan Wong in a blog post (http://bit.ly/1qSmYTf). The proposal is in its “earliest stages” and “could totally fail,” he said. Wong said the company has to overcome some financial, legal and technical hurdles before establishing such a currency.