FTX, a leading regulated cryptocurrency company, announced an integration with Reddit's Community Points in the US, EU, Australia, and other global markets.
The partnership features the integration of FTX Pay as a white-label payment and exchange solution to support users onboarding Community Points.
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.
Reddit has already launched an NFT marketplace where users can buy NFT avatars for their profiles. The community points allows users to add tokens to subreddits, earn rewards for quality content and encourage conversation around topics of interest. Users can give points as prizes and offer points to credible contributors.
With the new FTX integration, Reddit users will be able to buy Ethereum from crypto apps on Reddit.
Reddit has already launched an NFT marketplace where users can buy NFT avatars for their profiles.
Sam Bankman-Fried, FTX's CEO commented on today's news: "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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Niraj Sheth, Staff Software Engineer at Reddit, shared: "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."
Keeping community points transactions on-chain
Community Points are on the recently launched Layer 2 protocol, Arbitrum Nova blockchain. This allows Reddit users to take their reputation anywhere they're recognized on the Internet. 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.
Using cryptocurrencies to pay for services broadens the adoption across platforms with massive communities like Reddit.