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Reddit sells a large part of its cryptocurrencies and questions the future of the sector
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Reddit, one of the largest online discussion platforms in the world, recently sold most of the cryptocurrencies it held in its treasury.
In a statement sent to the United States Securities and Exchange Commission (SEC), the company detailed the decision to liquidate its assets in Bitcoin (BTC) and Ethereum (ETH). The statement indicated that the cryptoassets sold represented an “irrelevant” portion for the financial periods presented. This sale took place amid a scenario of regulatory and financial uncertainty, as Reddit explained.
The platform’s investment policy stipulates that any new investment in cryptocurrencies will require approval from the board of directors, limited to BTC, ETH and other cryptoassets not subject to classification as securities by the SEC.
Thus, Reddit is cautious about new investments in the cryptocurrency market, seeking to avoid risks related to the regulatory uncertainties that hover over the sector.
Reddit sells cryptocurrencies
With the sale of its cryptocurrencies, Reddit also highlighted the dependence of these digital currencies on blockchain technology, which enables their creation and validation.
However, this same technology, according to the platform, introduces high risks, such as the possibility of cyber attacks and technological failures that can compromise the security of assets.
Although Reddit states that it takes strict measures to protect its cryptocurrencies, the company admits that human error or system failures can result in the loss of private keys, essential for accessing and moving these digital assets.
Reddit’s view on the future of cryptocurrencies is also cautious. In a statement, the platform mentioned that the popularity of cryptocurrencies is a recent phenomenon and that there are uncertainties about its long-term adoption by consumers and companies.
This stance contrasts with the growing interest of financial institutions in digital assets, which have been expanding their participation in the cryptocurrency market, whether through exchange-traded funds or by integrating cryptocurrencies into their operations.
Additionally, Reddit raised concerns about the use of cryptocurrencies in illegal and fraudulent activities, noting that, as with fiat currencies, cryptocurrencies can be used for inappropriate purposes.
Reddit sells a large part of its cryptocurrencies and questions the future of the sector
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Reddit sells a large part of its cryptocurrencies and questions the future of the sector
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Reddit sells a large part of its cryptocurrencies and questions the future of the sector
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Reddit sells a large part of its cryptocurrencies and questions the future of the sector
