Reddit Integrates Community Points with FTX Pay’s Payment and Exchange Infrastructure

Reddit has partnered with the FTX exchange to integrate payments through the FTX Pay app.

FTX Pay Integrates With Reddit Community Points

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. 

Sponsored

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, spoke 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.

Read about other Reddit blockchain moves in:

Sponsored

Reddit to Introduce Collectible Avatars Backed by Blockchain

Find more info on NFT Avatars on Reddit below:

Reddit Integrates Ethereum NFTs, Allowing Users to Display Avatars on Their Profiles

Looking for the best Subreddits to join, check out:

Top 10 Crypto Subreddits to Join in 2022

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia