The crypto ecosystem is growing and more and more platforms are teaming up to ensure better performance. After witnessing numerous partnerships, it’s FTX Pay’s turn to take the plunge and integrate with Reddit and Arbitrum.
Reddit and FTX Pay done!
The bearish trend in crypto markets has hurt many platforms. Although investors lost quite a bit of money, exchanges did not come out unscathed either. As a result, to get back in the saddle and optimize performance, the networks decide to join forces. In this momentum, FTX announced on August 9 its partnership with Reddit, one of the largest social networks.
This association will allow FTX Pay users to purchase gas fees on Reddit’s community tokens using fiats. As a pioneer of Web3, Reddit, through its community points, helps strengthen its online communities. In 2021, the crypto retail investment platform selected Arbitrum to create an Ethereum deployment for Community Points.
Community Points are now live and users can access and collect them through the FTX Pay platform. According to an email from FTX Ventures head Amy Wu, users need ether (ETH) to pay their gas fees to complete the transactions and FTX Pay allows them to achieve their goals.
Access many benefits by posting in the subreddit
Reddit’s crypto integration joins many other social media platforms that have integrated blockchain technology. In this case, Twitter (TWR) with its integration of a bitcoin tip function and instagram with its NFT integration.
At the moment, Community Points are only live in subreddits. Among others, r/cryptocurrency and r/fortnite. The more points a member earns, the more influential they become in that space.
Points, which are ERC-20 tokens on the blockchain Arbitrum Nova, will be visible next to the user names. This will allow the best contributors to stand out from the rest. However, the points are burned and withdrawn from circulation as soon as they are used.
The integration of FTX Pay with Reddit seems to please Sam Bankman-Fried, the CEO of FTX. Indeed, the latter declared that he is delighted with this collaboration because it will allow online communities to exploit the power of the blockchain.
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