- As a result of the partnership, FTX Pay will be integrated as a payment and cryptocurrency exchange service, enabling new benefits for Reddit Community Points.
- A service called FTX Pay, which enables retailers to accept both cryptocurrency and fiat, is part of the new partnership.
An integration with Reddit’s Community Points has been announced by FTX, a prominent, regulated cryptocurrency company, for the US, EU, Australia, and other international markets. To assist users in registering for Community Points, the partnership includes the integration of FTX Pay as a white-label payment and exchange solution.
Reddit and Sam Bankman-cryptocurrency Fried’s exchange FTX made the announcement together.
This new integration allows Reddit users to buy Ether from supported Reddit apps using the FTX Pay platform for payments and exchanges.
The most popular topic on Reddit in 2021 was the cryptocurrency, making it a popular platform for retail crypto investors. The roll-up mainnet solution Arbitrum won a competition to create an Ethereum rollup for Community Points in July 2021. Subreddits can recognize active contributors or decide on governance using Community Points.
The cryptocurrency can be used to pay network fees for Community Points transactions on-chain and blockchain gas fees.
Community Points transfers are sorted on Ethereum, like all layer-2 rollups, and Reddit partnered with the growth-oriented FTX to allow users to pay Ethereum’s transaction fees with fiat.
In response to today’s news, Sam Bankman-Fried, CEO of FTX, said: “We’re thrilled to work with Reddit to support their efforts to enable online communities to leverage blockchain technology. Reddit Community Points are integrated with FTX Pay’s payment and exchange infrastructure, enhancing the user experience.”
Amy Wu, CEO of FTX Ventures, says, “Users need Eth for gas fees to transact with their Community Points on-chain, and FTX Pay allows them to do that.”
Only the r/cryptocurrency and r/fortnite subreddits currently support Community Points, though there is a waitlist on Reddit. Like how users receive “Karma” for upvoting posts, Reddit airdrops remarks to active users.
Reddit, one of the most well-known websites in the US, has long been heavily involved in the cryptocurrency and blockchain industries. In July, Reddit recently unveiled an entirely new NFT-based avatar marketplace that lets users pay a set price to purchase blockchain-based profile pictures.
Reddit asserted that during this early-access period, “tens of thousands” of NFTs will be available for purchase and that it will be releasing 90 designs.