Reddit to phase out coins and awards systems

"Starting today, you will no longer be able to purchase new coins, but all awards and existing coins will continue to be available until September 12, 2023," u/venkman01 from the Reddit product team said in a post.

San Francisco: Social discussion platform Reddit is sunsetting its coins– including Community coins for moderators– and awards– including Medals, Premium Awards and Community Awards) systems.

“Starting today, you will no longer be able to purchase new coins, but all awards and existing coins will continue to be available until September 12, 2023,” u/venkman01 from the Reddit product team said in a post.

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“It’s become clear that awards and coins as they exist today need to be re-thought, and the existing system sunsetted. Rewarding content and contribution (as well as something golden) will still be a core part of Reddit.” u/venkman01 also said that Reddit Premium is “not going away.”

However, after September 12, the company will discontinue the monthly coin drip and Premium Awards. Other current Premium perks will still exist, including the ad-free experience.

“In the coming months, we’ll be sharing more about a new direction for awarding that allows redditors to empower one another and create more meaningful ways to reward high-quality contributions on Reddit,” u/venkman01 added.

Several users expressed their thoughts on the announcement. While one user commented, “Killing features without replacements ready, yep sounds like Reddit to me,” another said,

“You’re just taking coins, that we’ve paid cash for, with no consideration? Not even going to give us the equivalent value in premium time for our existing coins and coins we are going to end up not getting?”

Meanwhile, last month, Director of Product at Reddit focused on accessibility and the performance, stability and quality of the web, iOS and Android platforms, ‘u/joyventure’, had announced the new accessibility updates for moderators.