Reddit, the social platform, has allocated a portion of its excess cash reserves to two of the largest cryptocurrencies, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). What Happened: According to a filing with the SEC ahead of an anticipated initial public offering (IPO), Reddit also disclosed that it had bought Polygon (CRYPTO: MATIC) to pay for virtual goods. Polygon is an Ethereum scaling network. It was acquired to facilitate transactions, particularly for the purchase of virtual goods on the platform. It is known for its capability to enhance Ethereum’s network performance. “We investe…