Online community Reddit has closed a $50m Series B funding round that includes investment from VC firms Andreessen Horowitz and Sequoia Capital. Oh, and individual celebrities like Snoop Dogg and Jared Leto. “we’re planning to use this money to hire more staff for product development, expand our community management team, build out better moderation and community tools, work more closely with third party developers to expand our mobile offerings (try our new AMA app), improve our self-serve ad product, build out redditgifts marketplace, pay for our growing technical infrastructure, and all the many other things it takes to support a huge and growing global internet community,” wrote CEO Yishan Wong in a blog post. Also interesting, though: Reddit persuading investors to give 10% of their shares to its community. “We are thinking about creating a cryptocurrency and making it exchangeable (backed) by those shares of reddit, and then distributing the currency to the community,” explained Wong. Imagine if such an idea had been tried by streaming services for musicians…

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