After moving away from bitcoin (BTC) payments years ago, online forum Reddit is now getting closer to the adoption of cryptocurrency payments through a new partnership with the FTX exchange.
Sam Bankman-Fried’s crypto exchange FTX and Reddit announced in a joint statement on Tuesday that the platform intends to integrate Reddit’s community points in the United States, the European Union, Australia and other markets.
The partnership features the integration of FTX Pay as a payment and crypto exchange solution to unlock new crypto-enabled perks for Reddit Community Points. Introduced in May 2020, Reddit Community Points are a measure of reputation in communities or subreddits, which allows users to own a portion of their favorite communities.
“As a unit of ownership, points capture some of the value of their community. They can be spent on premium features and used as a measure of prestige in the community,” Reddit reported two years ago Said when launching Community Points. Reddit Community Points is based on Arbitrum, one of the most popular Ethereum scalping solutions.
With the new integration, users will be able to purchase Ether (ETH) from the supported Reddit app through FTX Pay, FTX’s payment and exchange infrastructure platform. The cryptocurrency can be used to pay blockchain gas fees, or network fees, for on-chain transactions at their community points.
“We are always working to empower communities and offer new ways to use Reddit, and the decentralized, self-sustaining blockchain technology allows us to do just that. By working with FTX, we are doing this at scale.” are capable of,” said Reddit staff software engineer Neeraj Sheth.
Bankman-Fried noted that the partnership with Reddit marks FTX’s commitment to empowering 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,” he added.
The news came amongst Arbitrum developer Offchain Labs, which launched the Arbitrum Nova chain on Tuesday. Arbitrum Nova, the second series launched in the Arbitrum ecosystem, is designed to serve as the leading solution for Web3 gaming and social applications. In addition to Reddit and FTX, other firms such as Google Cloud, Consensys, P2P and QuickNode participated in the launch by becoming inaugural members of Nova’s “Data Availability Committee.”
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One of the most popular websites in the United States, Reddit has been largely involved in the crypto and blockchain industry for many years. The discussion forum was once known for allowing users to pay for their premium memberships in bitcoin, but removed the opportunity in 2018.
Reddit co-founder Alexis Ohanian has been widely involved in crypto, having launched a $100 million Web3 investment fund last year. Ohanian later launched another $200 million Web3 and social media fund in collaboration with Ethereum scaling solution Polygon.
