SAN FRANCISCO: In an unprecedented move, Reddit has decided to retire its coins and awards systems, marking a significant shift in the platform's reward mechanisms. This includes the discontinuation of Community coins for moderators, as well as Medals, Premium Awards, and Community Awards.
According to u/venkman01 from the Reddit product team, starting today, users will no longer be able to purchase new coins. However, existing awards and coins will remain accessible until September 12, 2023. This development reflects Reddit's realization that the current structure of awards and coins needs to be reimagined and eventually phased out. Nevertheless, rewarding valuable content and contributions will continue to be a fundamental aspect of the platform's essence. Rest assured, Reddit Premium is here to stay, ensuring an uninterrupted ad-free experience.
While the monthly coin distribution and Premium Awards will be discontinued after September 12, other existing Premium benefits will remain unaffected. Moreover, Reddit promises to share more details in the upcoming months about a fresh approach to awards that empowers redditors to recognize and appreciate one another. This innovative direction aims to foster a more meaningful and rewarding environment for high-quality contributions on the platform, as stated by u/venkman01.
Following the announcement, numerous users expressed their perspectives on the matter. One user voiced their concern, stating, "Reddit seems to be removing features without providing adequate replacements—classic Reddit move." Another user questioned the fairness of the decision, saying, "Are you just taking away the coins we paid for without offering any compensation? Will we receive an equivalent value of premium time for our remaining and unused coins?"
Meanwhile, in recent news, u/joyventure, the Director of Product at Reddit, unveiled the platform's latest accessibility updates. These updates primarily focused on enhancing the performance, stability, and quality of Reddit's web, iOS, and Android platforms, prioritizing accessibility for all users, including moderators.
