FTX CEO Sam Bankman-Fried says that the crypto exchange is bringing its payment solution to Reddit’s blockchain-based reputation system.
In a new statement, Bankman-Fried says that Reddit and his firm have entered into a partnership to integrate FTX Pay into Community Points, the social media giant’s tokenized rewards program.
“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.”
Reddit users can earn Community Points, an ERC-20 token built on the Arbitrum Nova blockchain, for their content and engagement. Points serve as a measure of their reputation online.
Earned Points also allow users to participate in community decision-making processes, tip other users and unlock special membership features, but using the tokens involves on-chain transactions that require the payment of network fees in Ethereum (ETH).
With the integration, users can now buy Ethereum from FTX Pay using supported Reddit apps.
Says FTX ventures and gaming head Amy Wu,
“Excited to announce our 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.”
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