Reddit partners with crypto exchange FTX to help users manage community points - The Verge
Reddit is partnering with FTX, the crypto exchange owned by Sam Bankman-Fried, to allow users to purchase Ethereum on the platform to cover the gas fees associated with using Reddit’s community points.
Reddit now lets users purchase Ethereum cryptocurrency on the platform through an integration with FTX, the crypto exchange owned by billionaire Sam Bankman-Fried. In a press release, FTX announced that Reddit users can now use the firm’s payment system, FTX Pay, when managing their blockchain-based community points.
Reddit first rolled out community points in 2020 as a way to reward users for interacting with a community. These points exist on the Ethereum blockchain and are stored in the “Vault,” a user’s blockchain-based wallet that also holds the collectible NFT (non-fungible token) avatars that Reddit introduced last month.
Reddit displays a user’s community points next to their username as a measure of their reputation, but also offers various ways to use them, such as to get community-specific memberships, vote on decisions, reward creators on the platform, as well as send tips. Only the users on two subreddits, r/Cryptocurrency and r/ForniteBR can utilize community points right now, but Reddit plans on expanding it to other communities in the future.
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
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