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HomeETHReddit joins hand with crypto exchange FTX to offer Ethereum via Reddit...

Reddit joins hand with crypto exchange FTX to offer Ethereum via Reddit community point

FTX’s CEO, Sam Bankman-Fried, on August 9, announced a partnership with Reddit, integrating the Reddit community points in Australia, Europe (EU), the United States and other global markets with FTX Pay.

The partnership will enable users to unlock crypto perks in exchange for community points by integrating FTX pay as a crypto payment and exchange solution.

Reddit community points are based on the Arbitrum Nova blockchain, the scaling solution of the Ethereum network. While launching Reddit Community Points two years ago, Reddit said, “the community points reflect the ownership and act as a measure of reputation within the community and can be used to pay for premium features.”

With the integration of the new feature, users now can purchase the Ether (ETH) cryptocurrency from supported reddit apps with the FTX Pay feature of the FTX exchange platform. The purchased cryptocurrency can further be used to pay the network fees for their Community Points transactions on-chain.

FTX’s CEO reacted to the news by saying, “we are delighted to partner with Reddit in supporting their mission to empower online communities in harnessing the power of blockchain technology.”

Further, he added, ” FTX Pay’s payment and exchange platform integrates with community points, making the customer experience a more seamless process.”

On the other hand, Niraj Sheth, a Reddit staff software engineer said, “We are continuously attempting to enable communities and introduce new ways to use Reddit and decentralisation self-supporting blockchain technology permits us to do that. By partnering with FTX, we’re capable of doing this on a scale.”

The news featured when the Arbitrum developer Offchain Labs on August 9, launched the Arbitrum Nova chain. Moreover, Arbitrum Nova in the Arbitrum ecosystem is made to provide solutions for Web-3 gaming and social applications.

Reddit is a discussion forum website and since earlier days it has been involved in the crypto and blockchain domain.

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