Reddit Partners With FTX: Expansion On Community Points Nears

Reddit partners with FTX to make it easier for users to use the FTX Pay feature to earn community points. Redditors will pay for gas expenses related to the tokenized community points using FTX Pay.

Reddit partners with FTX: Tokenized Community Points on Reddit

In an effort to provide tokenized community points for the typical investor, Reddit and FTX have teamed together today. With around 400 million active users each month, the social media behemoth has a sizable user base.

Community Points were initially introduced by the platform in 2020 to strengthen the online community. These community points are now available as ERC-20 tokens based on the Arbitrum Nova Blockchain. The network automatically bans your points after you’ve used them. As stated on the FTX blog:

“Using Points, communities can incentivize more engagement and better content, reward creators, and launch their customized Points token. Users can use Points to display their influence in the subreddit and bring their reputation to other communities in or outside Reddit. They can also use it to buy perks including special memberships and rewards.”

In the Reddit ecosystem, the points essentially serve as representations of reputation, ownership, and community governance. Your level of influence on Reddit is based on how many points you accumulate.

The first subreddits where Reddit community points will be introduced are r/FortnightBR and r/CryptoCurrency.

Community Points in FTX Pay

Users can now use FTX Pay to access the Reddit Community Points as a result of this recently formed collaboration. FTX Pay is a highly adaptable solution created to assist investors in receiving payments in accordance with their particular payment requirements.

By incorporating this functionality, users will be able to purchase Ethereum (ETH) on Reddit apps that are supported and utilize it to cover the transactional blockchain gas expenses for Community Points. Gas costs associated with utilizing your points will always be displayed prior to the trade in every transaction.

If you don’t have enough ETH to pay for your points, you can quickly buy them with FTX Pay with a credit or debit card. Following that, you will use FTX Pay to promptly pay the network fees and complete the use of your community points.