- Reddit enlisted FTX and Arbitrum to launch its tokens on the Ethereum mainnet.
- Users can move their Reddit Community Points to Arbitrum-built Ethereum wallets and pay gas fees with FTX Pay.
- FTX Pay will allow Reddit users to buy ETH with fiat to pay for gas fees in Community Points transactions.
Reddit’s partnership with FTX Pay could be game changing for the user community. The exchange will allow users to buy Ethereum with fiat to pay for gas associated with Community Points transactions.
Reddit announces partnership with FTX Pay
Reddit, popular as the front page of the internet, has collaborated with one of the largest cryptocurrency exchanges FTX. Reddit has integrated FTX pay, a leading payment solution with Community Points.
In 2020, Reddit launched Community Points, giving users the ability to earn blockchain rewards for submitting quality posts and comments. Community Points determine a user’s reputation and appears next to username on profiles. This token is built on the Arbitrum Nova blockchain.
1/ Excited to announce our @FTX_Official 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.https://t.co/glNCpHcU3E— Amy Wu (@amytongwu) August 9, 2022
While FTX is on its shopping spree in the bear market, the exchange entered a partnership with Reddit. FTX’s crypto-to-fiat exchange now powers the purchase of Reddit’s points using fiat. The FTX Pay integration will allow users to buy Ethereum from crypto applications supported on Reddit and ETH can be used to pay for Community Point’s gas fees using the altcoin. Points allow customization, to encourage better content, and unlock special features, therefore they are popular among users.
Community Points live in r/cryptocurrency and r/fortnite subreddits, it is likely that it will also go live on more subreddits in the future.
FTX’s take on Reddit partnership
Community Points transactions are settled on the Ethereum blockchain. Amy Wu, head of FTX Ventures told Blockworks in an email:
Users need ETH for gas fees to transact with their Community Points on-chain, and FTX Pay allows them to do that.
Reddit has not commented on the plan to expand Community Points usage and introduce it to other subreddits on its platform. However, the FTX partnership shows that Reddit is serious about the adoption and utility of Community Points. FTX and Reddit are prepared to onboard non-crypto natives, in a move beneficial to both parties.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.