As a result of the new integration, users of Reddit will be able to buy Ether from Reddit apps that support it using FTX Pay, FTX’s platform for accepting payments and managing exchanges.
Online community Reddit, which abandoned accepting Bitcoin (BTC) payments years ago, now appears to be edging closer to accepting cryptocurrency payments thanks to a new partnership with the FTX exchange.
Points serve as a unit of ownership that partly encapsulates community value. When the Community Points were introduced two years ago, Reddit stated that they could be used to purchase premium features and served as a gauge of reputation within the community. Arbitrum, one of the most popular Ethereum scaling solutions, is the foundation of Reddit Community Points.
Reddit and Sam Bankman-cryptocurrency Fried’s exchange FTX said in a joint statement on Tuesday that the platform plans to incorporate Reddit’s Community Points in the US, the EU, Australia, and other markets.
In order to enable new crypto-enabled benefits for Reddit Community Points, the partnership includes the integration of FTX Pay as a payment and cryptocurrency exchange solution. Reddit Community Points, which were introduced in May 2020, are a gauge of reputation in communities or subreddits and give users the opportunity to own a portion of their favorite communities.
Decentralized, self-sustaining blockchain technology enables us to empower communities and introduce new ways for them to use Reddit. Working with FTX allows us to accomplish this at scale, according to Niraj Sheth, a software engineer on staff at Reddit.
Bankman-Fried stated that FTX’s commitment to enabling online communities to utilize the power of blockchain is demonstrated by their partnership with Reddit. He continued, “FTX Pay’s payment and exchange infrastructure integrates with Reddit Community Points, creating a more seamless customer experience.”
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