- FTX and Reddit are ready to expand their ecosystem by signing a collaboration deal for a payment solution.
According to a press release on Tuesday, the social media giant agreed that a partnership with FTX allows users to pay gas fees on a transaction using community points.
The merger will also provide Reddit users to buy ether(ETH) directly on the application to pay network fees on a different blockchain.
Chief executive officer of FTX Sam Bankman Fried said, “We’re excited to partner with Reddit to continue their work to empower online communities 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.”
Now Reddit users can also earn Community Points, an ERC-20 token designed on Arbitrum Nova blockchain for their content, and engagement points serve as a measure of their reputation online.
Points earned in the procedure allow the user to participate in community decision-making processes that tip other users and unlock special membership features. However, using the tokens involves chain transactions that require the payment of network fees in Ethereum.
As per the reports of The Coin Republic on 9th August 2022, Arbitrum recently launched a new gaming-optimized blockchain in partnership with Reddit(an America-based social media and news website) to help the company to shift its community to Ethereum Ecosystem.
A software engineer of Reddit, Niraj Sheth, mentioned in his statement that “Reddit is looking to introduce new ways to use Reddit and decentralized self sustaining blockchain technology allows to do that.”
Earlier in July 2022, Reddit announced to launch its own NFT digital space and is ready to compete with other giant companies like Twitter, Facebook, and Instagram.
Reddit is continuously working on upgrading and expanding its ecosystem. And it is believed that in coming times, Reddit will capture the market again.
Saurav Bhattacharjee is in charge of the Broadcast development team of The Coin Republic.
He has been covering the Metaverse and NFT niche for the past 2 years.
With stellar interviews on his portfolio like Nicehash, Paxful, WallstreetWolvesNFT, Bitholla, Totemfi, EOS.io etc. Saurav has spearheaded the NFT SUPERSTARS AWARD and successfully hosted the first award in 2021.