Crypto Platform FTX Pay and Reddit Strike a Deal
Despite all the crypto evangelism that has gone on in recent years, the recent state of the market has been more than shaky.
Crypto began falling towards a tipping point in May 2022, losing around half of its value by the time June rolled around. That sent crypto investors into a panic, Tesla pleaded (TSLA) – Get Tesla Inc. Report CEO Elon Musk to convert 75% of the company’s bitcoins to fiat currency, moving Meta’s META Facebook to close the digital payment project, Novi.
Crypto lenders also began to fold, such as Voyager Digital and Celsius Network, which filed for bankruptcy in July and June, respectively.
It all looked pretty bleak, but some crypto believers — like Michael Saylor, who recently stepped down from his longtime position as CEO of MicroStrategy (MSTR) – Get MicroStrategy Incorporated report – refused to be intimidated by the situation.
Not all businesses have lost faith either. And now a new collaboration between the website that calls itself “the front of the internet” and the crypto-to-fiat exchange platform FTX Pay is in the works.
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Crypto Swaps Coming to Reddit
The crypto-curious flocked to Reddit to discuss the topic as far back as 2010, when the subreddit called r/bitcoin was launched. Many believed that the decentralized nature of the platform made it an ideal place to discuss everything from basic cryptography to price speculation.
Reddit launched its own custom tokens back in 2020 with Community Points. Now, thanks to a new partnership with digital asset exchange FTX Official, they will have a completely new use.
“We’re thrilled to launch our global partnership with Reddit today,” FTX said in an Aug. 9 tweet. “As one of the largest social networks with over 400 million monthly active users, Reddit has been a pioneer in the web3, announcing Community Points back in 2020 as a new way to empower its online communities.
“In 2021, Reddit selected Arbitrum in a scaling bake-off to bring points to the Ethereum network using Arbitrum Nova. Today Community Points goes live and users can collect and access points earned via FTX Pay.”
Rollout in two communities
The points system will first roll out in two Reddit communities: r/CryptoCurrency and r/FortnightBR. Users’ points are displayed next to their usernames and can be used for a variety of things, including purchasing benefits such as special memberships, displaying badges next to usernames to indicate status, and more. Points can be viewed in the Reddit Vault wallet on mobile or online.
Once you’ve built up some points for use, you can accumulate them by paying ethereum network fees, which are also known as gas funds. If you need more funds to cover these network fees, you will be asked to purchase more ethereum, which is where FTX’s payment services come in.
As of this morning, Reddit’s official Community Points sign-up page remains in waitlist status, but if you want to get in on the action as more Reddit communities are added, you might as well add your name.
