FTX Director Sam Bankman-Fried New Payment Solution Details Partnering With Social Media Giant Reddit

FTX CEO Sam Bankman-Fried explained the crypto exchange is bringing its payment remedy into Reddit’s blockchain-based mostly popularity method.

In a new statement, Bankman-Fried explained Reddit and his business have partnered to integrate FTX Pay into Community Points, the social media giant’s tokenized rewards system.

“We are excited to partner with Reddit to continue their work to enable online communities to harness the power of blockchain. FTX Pay’s exchange and payment infrastructure integrates with Reddit Community Points, making the customer experience even more seamless.”

Reddit customers can earn Community Points, an ERC-twenty token created on the Arbitrum Nova blockchain, for their content material and engagement. Scores act as a measure of their on-line popularity.

Points earned also enable customers to participate in neighborhood choice-producing processes, tip other customers, and unlock distinctive membership functions, but the use of the token involves transactions. on-chain needs payment of network costs in Ethereum (ETH).

With this integration, customers can now acquire Ethereum from FTX Pay working with supported Reddit apps.

Speak FTX Ventures and Gaming Team Leader Amy Wu,

“I’m so energized to announce our international partnership with Reddit currently with Reddit Community Points! Users require ETH for gasoline costs to transact with their Points on-chain, and FTX Pay permits them to do that.

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Featured photograph: Shutterstock / Production Perig / Nikelser Kate