Reddit partners with FTX to enable ETH gas fees for community points
Reddit users can now use fiat currencies to earn ERC-20 tokens from supported Reddit apps
By Shashank Bhardwaj
Reddit, the US-based social media giant, has partnered with FTX Pay to allow users to pay gas fees on transactions using community points. The collaboration includes the integration of FTX Pay as a white-label payment and exchange solution to help users onboard Community Points in the EU, Australia, and other global markets. Sam Bankman-Fried, FTX's CEO, said in an announcement published on Tuesday, August 9, "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 integrates with Reddit Community Points, making the customer experience a more seamless process."
FTX Pay enables merchants to accept both crypto and fiat currency. This means that, with the new integration, Reddit users will be able to buy Ether (ETH) from supported Reddit apps using FTX Pay, the payment and exchange infrastructure platform. The crypto can be used to pay blockchain gas fees or network fees for their on-chain Community Points transactions. This process may be confusing to the average Reddit user, but thanks to the FTX partnership, non-crypto-savvy customers can buy the crypto they need directly through the Reddit app with fiat currency.
Niraj Sheth, a software engineer at Reddit, said, "We're always working to empower communities and introduce new ways to use Reddit, and decentralised, self-sustaining blockchain technology allows us to do that. By working with FTX, we're able to do this at scale."
Reddit introduced Community Points in 2020. It was created to allow users in two subreddits to earn blockchain rewards for submitting 'quality posts and comments.' Arbitrum Nova blockchain underpins Reddit Community Points. It is one of the most commonly used Ethereum scaling solutions. During the launch, Reddit said,
"As a unit of ownership, points capture some of the value of their community. They can be spent on premium features and are used as a measure of reputation in the community."
Reddit users can earn community points in the form of ERC-20 tokens. According to FTX,
"Using Points, communities can incentivise more engagement and better content, reward creators, and launch their customised Points token. Users can use Points to display their influence in the subreddit and bring their reputation to other communities in or outside Reddit. They can also use it to buy perks including special memberships and rewards."
Alexis Ohanian, the co-founder of Reddit, has been heavily involved in crypto. Last year, he launched a $100 million Web3 investment fund. The recent move by the social media behemoth reflects its desire to drive Web 3.0 innovation. Reddit launched a new marketplace for non-fungible token (NFT) avatars in July 2022. Reddit's rival Twitter (TWTR) integrated a blockchain rewards system earlier this year by introducing a Bitcoin tipping feature.
Shashank is founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist.
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BTC and ETH will break all-time highs in 2022: Celsius CEORead More..
Blockchain games are leading the DApp industry: DappRadar reportRead More..
Finance Minister Nirmala Sitharaman calls for global crypto regulationsRead More..
WazirX co-founders shifting base to DubaiRead More..
Blockchain.com reportedly exploring IPO this yearRead More..
CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..