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Reddit partners with cryptocurrency exchange FTX

Cryptocurrency Aug 15, 2022 14:12
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© Reuters. Reddit partners with cryptocurrency exchange FTX
 
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Crypto exchange FTX announced that it teamed up with social media platform Reddit to integrate FTX Pay as a white-label payment and exchange solution.

Essentially, the integration will support the users' Community Points, which are used to measure popularity and ranking on the social media site.

The points will exist in the blockchain and be stored in a Vault, the users’ crypto wallet, and can be used to vote on decisions and reward creators on the platform.

Integration of FTX pay will also let users purchase Ethereum cryptocurrency from Reddit-supported apps, which can be used to pay blockchain network fees for their Community Points transaction, according to a statement from the exchange.

Users can convert fiat currency to Ethereum to cover the gas fees associated with running the blockchain.

"We're excited to partner with Reddit to continue their work to empower online communities to harness the power of blockchain,” said Sam Bankman-Fried, chief executive of FTX

“FTX Pay's payment and exchange infrastructure integrate with Reddit Community Points, making the customer experience a more seamless process.”

"We're always working to empower communities and introduce new ways to use Reddit, and decentralized, self-sustaining blockchain technology allows us to do that. By working with FTX, we're able to do this at scale,” said Niraj Sheth, staff software engineer at Reddit.

Sam Bankman-Fried run FTX has been acting as a white knight among beleaguered crypto firms and has even taken a stake in Robinhood (NASDAQ:HOOD), the share dealing and crypto platform favoured by retail investors who use Reddit.

FTX has acquired a stake in beleaguered crypto lending firm BlockFi and provided it with a US$250mln line of credit, which the crypto industry largely regarded as a 'bailout'.

Read more on Proactive Investors UK

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Reddit partners with cryptocurrency exchange FTX
 

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