FTX Introduces FTX Pay to Reddit

ftx pay reddit

wiredshut2

August 10, 2022

Reddit, the social media platform, has collaborated with FTX, one of the biggest crypto exchanges, to integrate its payment service, FTX Pay, with community points. 

Reddit Community Points are used to measure the user’s reputation in their communities. The point appears next to their username and signifies a “score”. The points are built on the Arbitrum Nova blockchain, and the reputation of users will be visible on every platform where the blockchain network is recognized.

What does this Integration mean? 

According to the official website, the points allow users to customize, engage with better content and unlock special features. With the FTX Pay Integration, the social media users of Reddit can now purchase Ethereum from crypto-supported apps on Reddit and also pay for the Community Point’s network fees with it. The feature will be rolled out gradually, starting with the US, the EU and Australia. 

According to FTX’s CEO, Sam Bankman-Fried,

“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 integrate with Reddit Community Points, making the customer experience a more seamless process.”

The Staff Software Engineer at Reddit, Niraj Sheth, said,

“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.”

Reddit, earlier this year, launched an NFT avatar marketplace that allowed the users to acquire blockchain-based profile pictures at a fixed rate which can be used off and on the platform as avatars. 

This new integration will push Reddit a step further in becoming an irrefutable part of the cryptocurrency ecosystem. With more and more mainstream social media platforms such as Reddit and Instagram actively integrating with digital payment services, the crypto mass adoption will exponentially increase as more users become aware of all the advantages and features.