Reddit partners with FTX to allow ETH gas charges for community points

After leaving Bitcoin (BTC) payments years back, online forum Reddit now appears to become inching nearer to embracing cryptocurrency payments using a lindsey stirling using the FTX exchange.

Mike Bankman-Fried’s crypto exchange FTX and Reddit announced inside a joint statement on Tuesday the platform promises to integrate Reddit’s Community Points within the U . s . States, the Eu, Australia along with other markets.

Their bond features the combination of FTX Pay like a payment and crypto exchange means to fix unlock new crypto-enabled perks for Reddit Community Points. Introduced in May 2020, Reddit Community Points really are a way of measuring status in communities or subreddits, allowing users to possess a bit of their most favorite communities.

“As one of possession, points capture a few of the worth of their community. They may be allocated to premium features and therefore are utilized as a stride of status locally,” Reddit stated when launching the city Points 2 yrs ago. Reddit Community Points derive from Arbitrum, probably the most Ethereum scaling solutions.

Using the new integration, users can purchase Ether (ETH) from supported Reddit apps via FTX’s payment and exchange infrastructure platform FTX Pay. The cryptocurrency may be used to pay blockchain gas charges, or network charges for his or her Community Points transactions on-chain.

“We’re always trying to empower communities and introduce new uses of Reddit, and decentralized, self-sustaining blockchain technology enables us to achieve that. With FTX, we are able to perform this at scale,” Reddit staff software engineer Niraj Sheth stated.

Bankman-Fried noted the partnership with Reddit marks FTX s dedication to empower social networks to harness the strength of blockchain. “FTX Pay’s payment and exchange infrastructure integrates with Reddit Community Points, making the client notice a more seamless process,” he added.

This news comes among Arbitrum developer Offchain Labs launching the Arbitrum Nova chain . Arbitrum Nova, the 2nd chain launched within the Arbitrum ecosystem, is made to function as the premier solution for Web3 gaming and social applications. Aside from Reddit and FTX, other firms like Google Cloud, Consensys, P2P and QuickNode took part in the launch by becoming inaugural people of Nova’s “Data Availability Committee.”

Related: Reddit announces new blockchain-backed ‘Collectible Avatars’

Probably the most popular websites within the U . s . States, Reddit continues to be largely active in the crypto and blockchain industry for several years. The discussion platform is renowned for once allowing users to cover their premium membership in Bitcoin but taking out the chance in 2018.

Reddit co-founder Alexis Ohanian continues to be broadly involved with crypto, launching a $100 million Web3 investment fund this past year. Ohanian subsequently launched another $200 million Web3 and social networking fund together with the Ethereum scaling solution Polygon.

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