Digital currency Steem soars to more than $150 million in value in two weeks

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – Steem, the digital currency behind the new social media website Steemit, soared more than 1,000 percent in value on Tuesday to over $150 million, two weeks after it first paid people who posted on its website, according to coinmarketcap.com. Content on the site is not limited to digital currencies and users have posted varied topics from lasagna to a trip to North Africa. “It’s basically an incentivized social media platform,” said Steemit’s chief executive, Ned Scott, in an interview.

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