Ethereum co-founder and developer Vitalik Buterin on Monday praised Reddit for its decision to embrace contributor ownership in the upcoming initial public offering (IPO). However, he is disappointed about the limitations imposed by U.S. regulations on Reddit’s contributors.
Vitalik Buterin Points Out Major Disadvantage amid Reddit IPO
Crypto enthusiasts and investors worldwide contribute to Reddit as it’s one of the key mediums for the crypto community for interactions, discussions, and sharing news. There are a number of subreddits related to crypto projects, tokens, and companies.
In response to an email from Reddit, Vitalik Buterin on Warpcast lauded Reddit for experimenting with contributor ownership. However, he added “I know this is totally the fault of regulation and not Reddit themselves, but this made me sad. Representing the crypto community, Buterin highlighted the opportunities in the global economy of the crypto industry.
The comments came in response to Reddit’s Directed Share Program (DSP) allowing eligible users and moderators to buy stock at low prices as institutional investors as part of Reddit IPO. But only U.S. residents are eligible for it. He strongly proposes rolling model for community contributor airdrops.
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Reddit Bitcoin and Ethereum Support
Reddit reveals Bitcoin and Ethereum investments in initial public offering filing, signaling a push into blockchain technology. The company’s investment policy, which its board has approved of directors, requires risk reduction and investing in cryptocurrencies, which regulators will not likely classify as securities.
The IPO that has been postponed for multiple years is finally going to take place in a few months. Reddit filed an IPO on February 22, 2024, and is expected to conduct the IPO in the next few months.
US residents need to share valid social security or permanent resident number, along with other details. Residents using VPN will face issues due to application limitations. Also, a user must not be a current or former Reddit employee to be eligible for DSP. Other Reddit IPO details can be checked here.
Meanwhile, ETH price has rallied over $3,500 as major Ethereum upgrade Dencun deadline nears. ETH has rallied over 4% as Bitcoin breaks above $65K.
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