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The social media platform will give away $5m to its users IBTimes UK

Social news and discussion website Reddit has announced it is giving away $5m lottery to its users in a lottery.

The website has raised an astonishing $50m in funding in the last three months and its intention was to reserve 10% of that to give back to the people who use the site.

Reddit asked its users in what form they wanted the funds to be distributed and it was decided that 'Reddit Notes' were the best option. It will act as a type of in-site currency which the users can use to "tip, donate, or trade".

Around 950,000 notes are going to be distributed in random fashion among a userbase of more than 6 million. "There aren't as many Reddit notes as there are accounts, so if you get one, lucky you!" read a blogpost from the company.

However, if you were looking to quickly jump on the Reddit bandwagon in order of a quick buck, you're too late unfortunately.

"Eligible recipients of reddit notes will be determined based on activities before 9/30/14, and we plan to give them away in the fall of 2015," the post continues.

The money will be a similar cryptocurrency to Bitcoin that will be funded by Reddit shares. However, they won't be exchangeable for actual shares.