Social media giant Reddit has partnered with the FTX exchange to integrate payments through the FTX Pay app to allow users to pay gas fees on transactions using community points.
Reddit Integrates FTX Exchange Solution
In a Tuesday, August 9 press release, Reddit announced the integration of FTX Pay as a white-label payment and the FTX exchange solution to support users onboarding Community Points.
The integration will allow users to purchase Ether (ETH) directly on the app from supported merchants. The ETH held on Reddit wallets can now be used to pay blockchain network fees for their on-chain Community Points transactions.
The Reddit Community Points
The Reddit Community Points are rewards given to users for submitting “quality posts and comments” on subreddits. It launched in 2020 but was moved to the Arbitrum Nova blockchain in 2021.
By partnering with FTX, Reddit hopes to make community points and blockchain more available to non-crypto users. Niraj Sheth, Staff Software Engineer at Reddit, said about the partnership with FTX:
“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”.
On the Flipside
- Although the move brings Reddit closer to accepting crypto, the social media giant revoked Bitcoin acceptance on the platform in 2018 and has not resumed since.
Why You Should Care
The partnership with FTX is part of Reddits’ broader push to integrate the platform with blockchain technology like crypto and NFTs.
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