After moving far from Bitcoin (BTC) payments years back, online forum Reddit now appears to be inching closer to accepting cryptocurrency payments by means of a brand-new collaboration with the FTX exchange.
Sam Bankman-Fried’s crypto exchange FTX and Reddit revealed in a joint declaration on Tuesday that the platform plans to incorporate Reddit’s Community Points in the United States, the European Union, Australia and other markets.
The collaboration includes the combination of FTX Pay as a payment and crypto exchange service to unlock brand-new crypto-allowed advantages for Reddit Community Points. Introduced in May 2020, Reddit Community Points are a step of track record in neighborhoods or subreddits, enabling users to own a piece of their preferred neighborhoods.
“As a unit of ownership, points capture some of the value of their community. They can be spent on premium features and are used as a measure of reputation in the community,” Reddit stated when introducing the Community Points 2 years back. Reddit Community Points are based upon Arbitrum, among the most Ethereum scaling services.
With the brand-new combination, users will be able to purchase Ether (ETH) from supported Reddit apps by means of FTX’s payment and exchange facilities platform FTX Pay. The cryptocurrency can be utilized to pay blockchain gas fees, or network fees for their Community Points deals on-chain.
“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,” Reddit personnel software application engineer Niraj Sheth stated.
Bankman-Fried kept in mind that the collaboration with Reddit marks FTX s dedication to empower online neighborhoods to harness the power of blockchain. “FTX Pay’s payment and exchange infrastructure integrates with Reddit Community Points, making the customer experience a more seamless process,” he included.
The news comes in the middle of Arbitrum designer Offchain Labs introducing the Arbitrum Nova chain on Tuesday. Arbitrum Nova, the 2nd chain released in the Arbitrum environment, is developed to function as the premier service for Web3 video gaming and social applications. Apart from Reddit and FTX, other companies like Google Cloud, Consensys, P2P and QuickNode took part in the launch by ending up being inaugural members of Nova’s “Data Availability Committee.”
Related: Reddit reveals brand-new blockchain-backed ‘Collectible Avatars’
One of the most popular sites in the United States, Reddit has actually been mainly associated with the crypto and blockchain market for several years. The conversation platform is understood for when enabling users to pay for their premium subscription in Bitcoin however getting rid of the chance in 2018.
Reddit co-founder Alexis Ohanian has actually been extensively associated with crypto, introducing a $100 million Web3 mutual fund in 2015. Ohanian consequently released another $200 million Web3 and social networks fund in cooperation with the Ethereum scaling service Polygon.