Reddit has partnered with the leading regulated cryptocurrency company FTX. The partnership will allow the integration of FTX pay as a white-label payment and exchange solution to support Reddit users’ onboarding community points in the US, EU, Australia and other global markets.
Reddit Community Points are used as a measure of reputation in users’ communities. In subreddits, they are displayed next to usernames, so the most significant 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.
Niraj Sheth, Staff Software Engineer at Reddit, shared: “We’re always working to empower communities and introduce new ways to use Reddit, and decentralized, autonomous blockchain technology allows us to do that. By working with FTX, we can do this at scale.”
Sam Bankman-Fried, FTX’s CEO commented on today’s news: “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.”