FTX Chief Sam Bankman-Fried Details New Collaboration With Social Media Giant Reddit for Payment Solutions

FTX CEO Sam Bankman-Fried says the cryptocurrency exchange is bringing its payment solution to Reddit’s blockchain-based reputation system.

new statementBankman-Fried claims that Reddit and his company will use FTX Pay community pointsis the social media giant’s tokenized rewards program.

We are pleased to partner with Reddit to continue our efforts to empower the online community to harness the power of blockchain. It will be a great process.

Reddit users earn Community Points, an ERC-20 token built on the Arbitrum Nova blockchain, for their content and engagement. Points act as a measure of your reputation online.

Earning points also allow users to participate in community decision-making processes, tip other users, and unlock special membership features, but token usage requires Ethereum. Includes on-chain transactions that require payment of network fees onethereum).

The integration allows users to purchase Ethereum through FTX Pay using supported Reddit apps.

To tell FTX Ventures and Head of Gaming Amy Wu said,

Today, we are pleased to announce our global partnership with Reddit for Reddit Community Points. Users need ETH as a gas fee to trade points on-chain, and FTX Pay makes that possible.

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