Demex Daily #96: Reddit Reveals Crypto Holdings Ahead of IPO

What’s Interesting Today:

Reddit has revealed in an SEC filing for its upcoming IPO that it holds Bitcoin, Ether, and MATIC in its cash reserves, primarily acquired through sales of virtual goods. This disclosure, part of the company's preparation for a public offering, highlights Reddit's ongoing engagement with cryptocurrency, including previous experiments with community tokens and NFT collections. Although the exact value of these crypto holdings was not disclosed, it was described as "immaterial." Following the news, Ether's price momentarily surged to its highest level of the year.

Ondo Finance, known for its real-world asset protocol, has partnered with the Aptos Foundation to integrate its treasury-backed stablecoin, USDY, into the Aptos blockchain. USDY, backed by U.S. Treasuries and bank deposits, will also be adopted by Thala, Aptos' leading DeFi protocol, as collateral. This collaboration marks a significant step in combining financial products with blockchain technology, leveraging the strengths of both organizations. Ondo's governance token has seen a substantial increase in value, while Aptos continues to maintain its position. The partnership aims to expand beyond just integrating USDY, exploring further enhancements in token utility and capital efficiency on blockchain platforms.