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Cryptocurrency users rejoice as Reddit makes big announcement

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To enable new crypto-enabled benefits for Reddit Community Points, the network has partnered with FTX.

Online platform Reddit has come up with a new way to accept cryptocurrency payments through Community Points. To enable new crypto-enabled benefits for Reddit Community Points, the network has partnered with well-known cryptocurrency exchange FTX.

The reputation of people in their communities is measured by Reddit Community Points. They are displayed next to usernames in subreddits, making the most significant contributors to the community stand out from the rest of them. It should be highlighted that since Community Points are on the Arbitrum Nova blockchain, users can carry their online reputation along with them.

Niraj Sheth, Staff Software Engineer at Reddit, said, “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.”

Due to the FTX Pay integration with Reddit, users may now buy Ether cryptocurrency via Reddit apps that are compatible with it. They can then use Ether to pay the blockchain network fees for their Community Points transactions on-chain.

Users will be able to create Special Memberships in your community that members can buy with Community Points. Special Memberships provides access to a variety of features, including badges, which let you customise your presence on the subreddit with achievement, style, and loyalty badges. You can even add a highlighted colour to your username. In addition, users will be able to run weighted polls, add animated Emojis, and embed GIFs to make key decisions in your community.

Reddit wrote in a blog post, “Unlike regular polls, these polls give a larger voice to people who have contributed more to the community. The more Community Points someone has earned, the more weight their vote carries.”

Additionally, you can pay someone a tip for posting or creating a comment. Any Redditor with a crypto Vault can also receive Community Points.

FTX CEO 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.”

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