FTX Pay Integrates With Reddit And Arbitrum Nova

FTX Pay goes live and integrates with Reddit and Arbitrum. This combination will allow online communities to harness the power of blockchain.

FTX Pay partners with Reddit

According to an announcement on August 9, FTX announced a partnership with Reddit, one of the largest social networks. This partnership 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 chose Arbitrum to deploy Ethereum for Community Points.

Community Points are live now and users can access and collect them through the FTX Pay platform. According to an email from the head of FTX Ventures Amy Wu, users need ether (ETH) to pay for gas fees to trade, and FTX Pay allows them to achieve their goals.

Once earned through active engagement and other activities, you can view your Points within the Reddit Vault wallet on mobile or web, and collect airdrops by paying an Ethereum network fee, or “gas funds”.

Reddit’s crypto integration joins many other social media platforms with blockchain technology integration. Specifically Twitter (TWR) with built-in bitcoin collection and Instagram with NFT integration.

Currently, Community Points are only available as subreddits. Among others, r/cryptocurrency and r/fortnite. The more points a member earns, the more influence they have in that space.

Dots , which are ERC-20 tokens on the Arbitrum Nova blockchain , will be visible next to 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 However, the points are burned and withdrawn from circulation as soon as they are used.

Sam Bankman-Fried, CEO of FTX stated that he is delighted with this partnership as it will enable online communities to harness the power of blockchain.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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