FTX, a leading regulated cryptocurrency company, today 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.
Launched in 2020, Reddit’s blockchain-based community points system awards users based on quality of post. Community points shifted to Arbitrum in 2021 to enhance its ability to scale.
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.
Because Community Points are on the Arbitrum Nova blockchain, users can take their reputation anywhere they’re recognized on the Internet.
The integration of FTX Pay allows users to purchase $ETH directly from supported Reddit apps, which can then be used to pay blockchain network fees for their Community Points transactions on-chain.
Reddit is the go-to platform for crypto news and easily top the list for numerous retail investors as their number 1 social media platform. This is supported by the fact that crypto was the most viewed topic on Reddit in 2021.
“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.” said Sam Bankman-Fried, CEO of FTX.
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.”
In doing so, Reddit mirrored rival social media platform Twitter’s approach, which integrated a blockchain reward system by introducing the $BTC tipping feature earlier this year.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: FTX