Reddit raises $50m thanks to funding from Snoop Dogg, Jared Leto, Marc Andreessen and Peter Thiel

 
Joe Hall
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Reddit has raised $50m in funding, with investors agreeing to allow 10 per cent of their equity to be distributed among the site's users.
A Series B funding round led to high-profile figures such as rapper Snoop Dogg, Silicon Valley investor Marc Andreessen, PayPal founder Peter Thiel and Academy Award winner Jared Leto stump up cash for the site which describes itself as "the front page of the internet."
CEO Yishan Wong has since revealed what he describes as a "crazy plan" to create a cryptocurrency to distribute the equity amongst the Reddit's 115 million monthly users.
In a Reddit post, Wong said the site was thinking of developing its own cryptocurrency and making it exchangeable by the shares promised to the community.
Again, we want to emphasize that this plan is in its earliest stages right now and could totally fail (if it does, we will find another way to get the shares to the community somehow), but we are going to try it because... well, because we are reddit and we do these kinds of things.
In a blog post Wong said bulk of the money will be used to help expand the company by hiring more staff and paying for renewed infrastructure.

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