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 an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.