Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
FTX Pay is Integrating with Reddit and Arbitrum
In the latest instance of FTX embarking on a massive bear market buying spree, the crypto exchange has struck a deal with Reddit.
The crypto-to-fiat exchange platform FTX Pay is integrating with Reddit and Arbitrum to allow users to pay gas fees on Reddit’s “Community Points” tokens using fiat. Community Points, rolled out in 2020, are blockchain-based Reddit tokens that allow users to divvy out rewards and interact with the social platform
Reddit is a choice platform for retail crypto investors — crypto was the platform’s most-viewed topic in 2021. In July 2021, the rollup solution Arbitrum won a contest to build an Ethereum rollup for Community Points, and now the rollup is launching on Ethereum’s mainnet, the company said Tuesday.
See: Manage Your Way Through The Labyrinth Of Cryptocurrencies By Following These 6 Tips
Community Points allow subreddits to reward active members or make governance decisions.
Like all layer-2 rollups, Community Points transactions are settled on Ethereum, and Reddit enlisted the expansion-minded FTX to let users pay Ethereum’s transaction fees using fiat.
Amy Wu, head of FTX Ventures:
Users need Eth for gas fees to transact with their Community Points on-chain, and FTX Pay allows them to do that.
Community Points are, for now, only live in the r/cryptocurrency and r/fortnite subreddits, though Reddit has a waitlist. Reddit airdrops points to active users — similarly to how users receive “Karma” for upvoted posts.
Top contributors in r/cryptocurrency earned 3,774 “Moons” tokens last month, or about $340 at current secondary market prices. A spokesperson for Reddit said Community Points are only meant for community governance and “reputation points” on Reddit, adding that selling the tokens is against the site’s terms of use.
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