FTX Pay Integrates with Reddit Community Points
Crypto platform FTX on Tuesday announced that FTX Pay’s infrastructure has been integrated into the community points system of social media and news aggregator forum Reddit. The integration is available in the US, EU, Australia and other countries around the world.
In a press statement, FTX highlighted that “Reddit Community Points are a measure of reputation in users’ communities. In subreddits, they are displayed next to usernames, so the biggest community contributors stand out from the crowd.”
Furthermore, with Community Points built on the Arbitrum Nova Blockchain, users can take their reputation to any place on the Internet, where the network is supported.
“The integration of FTX Pay allows users to purchase Ether cryptocurrency from supported Reddit apps, which then can be used to pay blockchain network fees for their Community Points transactions on-chain,” the announcement detailed.
Reddit first announced plans of its Ethereum-based Community Points in December of 2021 noting:
“Community Points are the first step towards a different future for online communities.
These tokens live on the blockchain, which means they are truly owned by the community.
Over time, your community will benefit from even greater control and independence on – and off of Reddit.”
Reddit users can monetize time spent online, earning points by participating in discussions, winning community contests, and posting quality content. With the collected points, Redditors can then take part in exciting ‘features’ such as subreddit’s decision-making process, tipping content creators, and unlocking special VIP features.
Commenting on Tuesday’s news, Niraj Sheth, Staff Software Engineer at Reddit, said:
“We’re always working to empower communities and introduce new ways to use Reddit, and decentralized, self-sustaining blockchain technology allows us to do that. By working with FTX, we’re able to do this at scale.”
Sam Bankman-Fried, Head of FTX commented:
“We’re excited to partner with Reddit to continue their work to empower online communities to harness the power of blockchain. FTX Pay’s payment and exchange infrastructure integrates with Reddit Community Points, making the customer experience a more seamless process.”
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Source: igaming
