The partnership features the integration of FTX Pay as a white-label payment and exchange solution to support users onboarding Community Points.
Reddit Expands Community Points With FTX Payment and Exchange Infrastructure
Users can now purchase ETH directly through Reddit
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 Ether cryptocurrency from supported Reddit apps, which then can be used to pay blockchain network fees for their Community Points transactions on-chain.
Sam Bankman-Fried, FTX's CEO commented in an official statement saying, "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."
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 2020, Reddit launched “community points” which gives users in two subreddits the ability to earn blockchain rewards for submitting “quality posts and comments.” Most recently, Reddit launched an NFT marketplace for collectible avatars on Polygon.