Reddit collaborates with FTX to integrate crypto payments
Social news aggregator Reddit has partnered with a prominent crypto exchange, FTX. The partnership seems to come in an attempt to embrace crypto payments in a new dimension. As revealed, the platform is working on integrating Reddit community points in the United States, Europe, Australia, and other prominent markets.
Furthermore, the collaboration comes with the adoption of FTX pay as payment and crypto exchange feature to access crypto-oriented incentives for the Reddit Community Points. The Reddit Community Point has existed since 2020. It is used to accord popularity in communities. With the Reddit Community point, users can own a portion of their preferred communities.
The latest development will aid Reddit community members in buying Ether (ETH) from approved Reddit Applications. The feature to buy Ether will be through FTX’s payment and its exchange outlet, FTX pay. The token will aid them in paying for on-chain transaction activities, which include gas fees and network fees for their Community Points.
Reddit has been a popular platform for blockchain embracement. Before 2018, the platform allows users to upgrade their membership status to premium using Bitcoin. Ever since, the platform has embraced numerous crypto innovations, and the latest development joins the growing list.
The interconnectedness of Reddit and crypto emanates from the Reddit co-founder’s passion for the industry. In 2021, the co-founder Alexis Ohanian raised about $100 million to invest in Web 3.0. Similarly, Ohanian, in partnership with Polygon, launched another $200 million investment fund for Web 3.0 and social media.
Regarding the FTX exchange partnership, Reddit Software Engineer Niraj Sheth reflected a sizeable opinion. According to Sheth, Reddit is working to enhance communities and implement a new way of using the platform. The expert admitted that with the aid of blockchain, the platform has effectively pursued the goal. “By working with FTX, we’ve been able to do this at scale, ” Sheth added.
The CEO of FTX, Bankman-Fried, also aired his opinion on the development. He noted that the collaboration with Reddit highlights his firm dedication to supporting online communities to explore the benefits of blockchain. According to him, the FTX pay’s payment and exchange system integrate with Reddit Community Points, thus making users’ experience an interesting one.
The latest development emanated from Arbiturm developer Offchian Labs’ inauguration of the Arbitrum Nova chain yesterday. The Arbiturm Nova is the second chain inaugurated in the Arbiturm ecosystem. It’s programmed to offer premier solutions for Web 3.0 gaming and social apps. Meanwhile, Reddit and FTX emerged as inaugural members of Nova’s “Data Availability Committee during the inauguration.” Organizations like Google Cloud, Consensys, P2P, and Quicknode joined the Nova Data Availability Committee.
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