FTX Brings Crypto Payment to Reddit Users
Reddit in partnership with FTX, one of the largest crypto exchanges, brings a crypto payment system to users of the social media platform. This was made known a few hours ago by FTX:
The team developing Reddit has evolved the platform to meet up with global changes in the social media industry. One of the major steps they have taken is to integrate the platform with Web3 features.
In 2020, the community of over 400 million active users each month launched a Community Point initiative. This allowed users to earn points as they engage and interact with the ecosystem. From creating content to liking to sharing, everyone on Reddit was given the opportunity to earn while using the platform.
In 2021, Reddit in partnership with Arbitrum initiated community Points to the Ethereum mainnet using Arbitrum Nova. Today, these points are going live allowing users get access to them via FTX Pay.
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How it Works
Community points are used to reward community loyalty for members of the Reddit platform. It’s also a symbol of influence, ownership and community governance.
These points are planned to be released on the r/CryptoCurrency and r/FortnightBR subreddits where points accrued by users are publicly displayed. Each point, ERC-20 tokens built on the Arbitrum Nova chain, is burnt once used. And each use requires payment of gas fees in ETH.
As a user without enough gas fees, one can easily buy ETH using the FTX Pay platform, via credit or debit card. On how to purchase more ETH, see this.
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