HomeBitcoinReddit and FTX collaborate to make ETH gas fees for community points...

Reddit and FTX collaborate to make ETH gas fees for community points possible.

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With the new integration, Reddit users will be able to use FTX Pay, the company’s payment and exchange infrastructure platform, to buy Ether from supported Reddit apps.

Online community Reddit, which abandoned accepting Bitcoin (BTC) payments years ago, now appears to be edging closer to accepting cryptocurrency payments thanks to a new partnership with the FTX exchange.

In a joint statement on Tuesday, Sam Bankman-cryptocurrency Fried’s exchange FTX and Reddit stated that the platform would incorporate Reddit’s Community Points in the US, the EU, Australia, and other markets.

As part of the partnership, FTX Pay will be integrated as a payment and cryptocurrency exchange service, enabling new benefits for Reddit Community Points. Reddit Community Points, which were introduced in May 2020, are a gauge of reputation in subreddits or communities, enabling users to own a piece of their preferred communities.

“Points serve as a unit of ownership that partially encapsulates community value. When the Community Points have introduced two years ago, Reddit stated that they could be used to purchase premium features and were also used as a gauge of reputation in the community. Arbitron, one of the most popular scaling solutions for Ethereum, is the foundation of Reddit Community Points.

With the new integration, users will be able to use FTX Pay, the company’s payment and exchange infrastructure platform, to buy Ether (ETH) from supported Reddit apps. The cryptocurrency can be used to pay network fees for Community Points transactions on-chain as well as blockchain gas fees.

Decentralized, self-sustaining blockchain technology enables us to continue our ongoing efforts to strengthen communities and offer fresh ways to use Reddit. We are able to do this at scale by collaborating with FTX, according to Niraj Sheth, a software engineer on staff at Reddit.

Bankman-Fried stated that FTX’s commitment to enabling online communities to utilize the power of blockchain is demonstrated by their partnership with Reddit. He continued, “FTX Pay’s payment and exchange infrastructure integrate with Reddit Community Points, creating a more seamless customer experience.”

The announcement coincides with Tuesday’s launch of the Arbitrum Nova chain by Arbitrum developer Off-chain Labs. The second chain to be introduced in the Arbitrum ecosystem, Arbitrum Nova, is intended to be the best option for Web3 gaming and social applications. In addition to Reddit and FTX, companies like Google Cloud, Consensys, P2P, and QuickNode also took part in the launch by joining Nova’s “Data Availability Committee” as its first member.

Reddit, one of the most well-known websites in the US, has long been heavily involved in the cryptocurrency and blockchain industries. The discussion platform was once known for letting users use Bitcoin to pay for their premium memberships, but in 2018 they no longer allowed this option.

Alexis Ohanian, a co-founder of Reddit, has a long history in the cryptocurrency industry, and last year he established a $100 million Web3 investment fund. Later, Ohanian unveiled a second $200 million Web3 and social media fund in association with Polygon, an Ethereum scaling solution.

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