Reddit Partners With The Ethereum Foundation

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CEO and co-founder of Reddit, Steve Huffman, interviewed by CNBC’s Karen Tso onstage at the Web Summit in Lisbon, Portugal in November, 2017. Shutterstock

Social media platform Reddit has teamed up with the Ethereum Foundation to establish Reddit’s first-ever blockchain partnership.

According to the company’s announcement, the partnership will enable Reddit to bring the value and independence of blockchain technology to its 1.7 billion monthly visitors. With the platform attracting more than 50 million daily users and hundreds of thousands of communities, connecting to the Ethereum ecosystem will further enhance its decentralized ethos.

Reddit first partnered with the Ethereum Foundation last summer, when they hosted the Scaling Bake-off, inviting projects to share how their scaling solution can be used to bring the newly launched Reddit Community Points to the mainnet. Today’s announcement marks the formalization of that partnership.

Reddit said the intention behind the collaboration was to help accelerate the progress made on scaling and develop the technology needed to launch Community Points and other large-scale Reddit applications on Ethereum. The company noted that the technology developed through this partnership would be open-source.

Aya Miyaguchi, the executive director of the Ethereum Foundation, said the key in forming a relationship with Reddit was its vision and how it maintains its culture and philosophies.

“We’re excited to have an ongoing relationship with Reddit and more collaboration as we work together to improve Ethereum for the entire ecosystem,” she said on Reddit.