Reddit has issued new statements suggesting that it is currently conducting a trial to determine whether to integrate bitcoin payments more fully into its overall marketing strategy.
In a post on the bitcoin subreddit, a moderator informed the community that one of its advertising partners, BuySellAds, is now accepting bitcoin payments, and that Reddit's marketing team intends to actively monitor the support its partner receives as it looks to follow a similar strategy.
Reddit strategist Dylan Hulser wrote:
BuySellAds currently allows customers to advertise in five collections, advertising packages that group subreddits into larger categories including design, gaming, eSports, motorsports and cryptocurrency.
Notably, users can already purchase memberships for Reddit Gold, the website's premium membership program, with bitcoin.
Generating an impact
The statements follow the formal launch of BuySellAds' bitcoin payments initiative on 3rd September.
To purchase reddit advertising via the company, customers must first send funds to their BuySellAds account, at which point they will be converted into dollars and become available for use in purchasing.
The moderator indicated that the process may not be ideal for digital currency users who want to spend bitcoin more directly on advertising, but encouraged the community to stay focused on its larger goal.
Further, he indicated specific ways Reddit users may be able to make a larger impact with their ad spending, writing:
features more details about its advertising packages in its formal announcement, noting that its cryptocurrency collection reaches top altcoin subreddits such as those for litecoin, dogecoin and peercoin, among a host of others listed in full on its website.
The company estimates its advertisements to the wider digital currency community will reach 1.75 million views a month. BuySellAds also offers geo-targeted ads as well.
The cost of advertising via a top-right banner on the site is $1 per 1,000 views.
Image via Reddit
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.