The crypto ecosystem is growing and more and more platforms are teaming up to ensure better performance. After witnessing many partnerships, it’s FTX Pay’s turn to take the plunge and integrate with Reddit and Arbitrum.
Reddit and FTX Pay it’s done!
The downtrend of the crypto markets has put many platforms at risk. Although investors lost quite a bit of money, the exchanges did not come out unscathed either. Therefore, to get back in the saddle and optimize performance, the networks decide to join forces. In this vein, FTX announced on August 9th its partnership with Reddit, one of the largest social networks.
This association will allow FTX Pay users to purchase gas fees on Reddit community tokens using fiats. As a pioneer of the Web3, Reddit, through its community points, makes it possible to strengthen its online communities. In 2021, the crypto retail investment platform selected Arbitrum to create an Ethereum deployment for community points.
Community points are now online and users can access and collect them via the FTX Pay platform. According to an e-mail from the head of FTX Ventures, Amy Wu, users need ether (ETH) to pay their gas fees in order to carry out the transactions and FTX Pay allows them to achieve their goals.
Get access to many benefits by posting in the subreddit
Reddit’s crypto integration joins many other social media platforms that have integrated blockchain technology. In this case, Twitter (TWR) with its integration of a bitcoin tipping function and Instagram with its NFT integration.
At the moment, the community points are live only in the subreddits. Among others, r/cryptocurrency and r/fortnite. The more points a member earns, the more influential they become in this space.
The points, which are ERC-20 tokens on the blockchain Arbitrum Nova, will be visible next to the users’ names. This will allow the best contributors to stand out from the rest. However, the points are burned and removed from circulation as soon as they are used.
The integration of FTX Pay with Reddit seems to delight Sam Bankman-Fried, the CEO of FTX. Indeed, the latter said that he is delighted with this collaboration because it will allow online communities to harness the power of the blockchain.
Receive a digest of the news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss anything essential Cointribune!
The world is changing and adaptation is the best weapon to survive in this undulating universe. Crypto community manager at the core, I am interested in everything related directly or indirectly to the blockchain and its derivatives. In order to share my experience and make known a field that I am passionate about, there is nothing better than writing informative and casual articles at the same time.