SNEAK PEEK
- The new integration allows users of Reddit to buy ETH on the app itself.
- Reddit released community points last year upon collaborating with Arbitrum.
- FTX’s goal of allowing online communities to use blockchain has been proved via the partnership.
Reddit has collaborated with FTX exchange to bridge the gap between itself and cryptocurrency payments.
FTX is partnering with @reddit to empower online communities through the power of the @arbitrum blockchain. Here’s how.https://t.co/2BcINRmewE
— FTX (@FTX_Official) August 9, 2022
In a joint statement, Reddit and FTX have announced that the platform will integrate community points of Reddit in the European Union, the U.S., Australia and various other markets.
The collaboration will unlock the latest crypto-supported benefits for community points of Reddit by integrating FTX Pay both as payment as well as a crypto exchange solution.
Reddit community points were released in May 2020 to measure influence in subreddits or communities; thereby, enabling users to acquire a piece of communities they adore.
Serving as a unit of ownership, points contain the value of their community. Based on Arbitrum, they can be spent on elite features.
Now users can buy ETH from Reddit apps through FTX Pay. Using the currency, blockchain gas fees or network fees can be paid for community points transactions.
1/ Excited to announce our @FTX_Official global partnership with @Reddit today with Reddit Community Points! Users need Eth for gas fees to transact with their Points on-chain, and FTX Pay allows them to do that.https://t.co/glNCpHcU3E
— Amy Wu (@amytongwu) August 9, 2022
Reddit staff software engineer Niraj Sheth said they are working to empower the communities and bring new ways to utilize Reddit.
Bankman-Fried shared:
FTX Pay’s payment and exchange infrastructure integrates with Reddit Community Points, making the customer experience a more seamless process.
Offchain Labs launched the Arbitrum Nova chain, which has been designed as a solution for social apps and web3 gaming. Besides FTX and Reddit, Consensys, QuickNode, Google Cloud and P2P were among other companies that were a part of the launch.
What a day! The launch of Arbitrum Nova was a huge milestone for Arbitrum and the Ethereum community.
— Arbitrum (@arbitrum) August 10, 2022
But this wasn’t the work of one team. We’re thrilled to be joined by several web2 and web3 giants that help make Nova an out-of-this-world reality.
Time for some shoutouts 📢
Reddit has been engaged in blockchain and crypto for the past many years. Alexis Ohanian, its co-founder, is extremely involved in crypto and launched a web investment fund worth $100 million last year. Furthermore, he launched web3 and a social media fund worth $200 million in partnership with Polygon.
Last month, Reddit launched the NFT marketplace for blockchain-based avatars. The avatars can be purchased using fiat currency.
