Popular social media platform Reddit has gained $4 billion in value since its last funding circular before this twelvemonth in February.

Six months ago, the firm raised $250 million in Series E funding at a valuation of $6 billion.

In the latest move, Reddit announced a Series F funding round on Th — which is beingness led by Fidelity Management and Inquiry Company LLC and is expected to close at around $700 1000000 with a mail-money valuation of $10 billion.

Co-ordinate to the New York Times, investment in the funding round has reached $410 million so far, with Reddit stating that it expects farther financing from existing investors to reach the $700 million target.

The true valuation of Reddit is hard to gauge as the firm is even so to go public. On that subject area, Reddit's co-founder and CEO, Steve Huffman, said to the Times:

"We are yet planning on going public, but we don't have a house timeline there nonetheless."

"All good companies should get public when they can," he added.

The company will utilize the latest funds to farther international growth, simplify the user experience, improve website functionality and roll out more than video and audio features, along with developing a self-service advertising arrangement.

The platform competes with advertizement-based social media giants such equally Facebook and Twitter, with Huffman stating that "we've grown up in the shadow of Facebook and Google, and pretty much every dollar we make we've had to fight for."

Unlike Facebook or Google, however, Reddit has already launched its ain cryptocurrencies in the form of Reddit Community Points, or RCPs.

The r/CryptoCurrency subreddit, which has iii.3 1000000 members, has its own coin called r/CryptoCurrency Moons (MOON). In Jan, Cointelegraph reported that one user sold fourteen,000 Moons they acquired for gratuitous to pay their rent.

MOON currently has a higher cost than Dogecoin (DOGE). At the fourth dimension of writing, according to CoinGecko, DOGE is sitting at $0.27 while MOON sits slightly above at $0.29.

The r/FortNite subreddit launched a similar RCP called BRICK.

Reddit is abode to notorious memestock group r/wallstreetbets, which has had a significant impact on stock markets and crypto markets this year with its retail trading and pumping antics. The group'due south popularity led to the cosmos of the crypto equivalent in r/SatoshiStreetBets, which now has a customs of 480,000 Redditors.

Related: Reddit deploys layer-two solution aimed at scaling Ethereum-based community points