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Ethereum’s Vitalik Buterin Hails Reddit IPO, But Says “This Make Me Sad”

Ethereum creator Vitalik Buterin praises contributor ownership in Reddit IPO, but disappointed with limitations.
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Ethereum’s Vitalik Buterin Hails Reddit IPO, But Says “This Make Me Sad”

Highlights

  • Ethereum's co-founder Vitalik Buterin lauded Reddit for experimenting with contributor ownership
  • He is disappointed about the limitations imposed by U.S. regulations on Reddit's contributors to take advantage of DSP
  • US residents need to share valid social security or permanent resident number and other details

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.

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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.

Also Read: Coinbase CLO Paul Grewal Rejects Secondary Crypto Sales Ruling Precedent

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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.

Also Read: Shytoshi Kusama Highlights RFK Jr Endorsing Shiba Inu, SHIB Price Up 23%

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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