Redditors can use community points for on-chain transactions via FTX Pay.
Leading cryptocurrency exchange FTX said in a press release today that it has partnered with Reddit to enable users to perform on-chain transactions with the points earned on the social media platform.
Under the partnership, the popular cryptocurrency exchange said FTX Pay would be used as an exchange and payment solution to support the integration of Reddit community points.
Notably, the Reddit points initiative was launched in 2021, following a partnership with the social media platform and Arbitrum. The initiative is used as a tool to measure users’ contributions and reputation in different communities on Reddit.
Notably, Community Points are used to measure reputation on the platform. Now users can take the reputation earned via Community Points can be taken anywhere on the internet. Redditors can use the Community Points to purchase special membership perks, supported community tokens, and other incentives. Additionally, Communities can gift their points to members for publishing interesting content or good behavior.
Following Reddit’s community points integration with FTX Pay, Redditors can purchase Ethereum (ETH) from supported Reddit applications, which can be used to pay fees for all on-chain community points transactions.
“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,” Sam Bankman-Fried (SBF), FTX’s CEO, said.
SBF also noted that the initiative would contribute to bringing web3.0 utilities.
— SBF (@SBF_FTX) August 9, 2022
Commenting on the development, Niraj Sheth, Staff Software Engineer at Reddit, 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.”