Reddit, the online forum moved away from BTC payments a while ago. It looks like it might embrace crypto payments again by partnering with FTX. With its new integration, all Reddit users will have the option of buying ETH from apps supported by Reddit on the FTX Pay platform.
This news was jointly announced by Reddit and FTX on August 9th. The announcement also said that the new platform wants to integrate Community Points set up by Reddit in the US, EU, and other global markets. This partnership integrates FTX Pay as a solution and unlocks a lot of new perks for the Reddit Community Points. Reddit Community Points as a concept was introduced in 2020 May. These points are an indicator of reputations within the Reddit community and subreddits.
Users can buy ETH from all Reddit-supported apps via the FTX Payment portal. Cryptocurrency can be used as a mode of payment for all gas fees related to blockchains or even for network fee payments. According to a spokesperson, both companies are working hard on empowering communities and introducing new Reddit usage methods. The aim is to use decentralized blockchain tech that is self-sustaining. This is possible only because of the sustainability factor and working with FTX lets us at Reddit scale up to meet customer demand.
Bankman-Fried said that his company’s partnership makes it possible for FTX to empower communities on the internet to harness the power blockchain has to offer. As one of the most popular sites in the US, Reddit has been very involved with the crypto sector and blockchain for a lot of years. It also let its users pay for membership using BTC but suspended that in 2018.