Reddit To Relaunch Crypto Payments

News, Now Accepting | May 3, 2018 By:

Social media website Reddit is planning to bring back crypto payments on its platform.

In March of this year, Reddit disabled bitcoin as a payment method because of Coinbase’s decision to discontinue their Merchant Tool product in favor of Coinbase Commerce. Payment bugs affecting some users had also been an issue, according to an administrator.

“The upcoming Coinbase change, combined with some bugs around the bitcoin payment option that were affecting purchases for certain users, led us to remove bitcoin as a payment option,” the administrator said at the time. “We’re going to take a look at demand and watch the progression of Coinbase Commerce before making a decision on whether to re-enable.”

In an interview with Cheddar On Thursday, Reddit CTO Christopher Slowe said that Reddit developers “didn’t have time” to update the Coinbase API used to accept bitcoin payments because at the time, they were focused on the new Reddit design.

He said that their team is now actively working on bringing back bitcoin payments on their platform. He also stated that the social media website is looking to add more crypto options.

“We have been looking at other cryptocurrencies,” Slowe said. “As a matter of fact, that was part of the issue with the high fees on the bitcoin network. We are looking at ethereum and Litecoin that are both provided by Coinbase.”

Reddit began accepting bitcoin for Reddit Gold subscriptions in February 2013 via a partnership with Coinbase. At the time, Coinbase CEO Brian Armstrong said that it was a “large step forward for bitcoin” due to Reddit’s increasing popularity.