2022 Fintech and Funding Conference (FFCON22: REGEN) | Dec 1 + Dec 6, 2022 Hybrid

FTX Pay is Integrating with Reddit and Arbitrum

Blockworks | Jack Kubinec  | Aug 9, 2022

FTX partners with Reddit - FTX Pay is Integrating with Reddit and ArbitrumIn 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.

Continue to the full article --> here


NCFA Jan 2018 resize - FTX Pay is Integrating with Reddit and ArbitrumThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - FTX Pay is Integrating with Reddit and ArbitrumFF Logo 400 v3 - FTX Pay is Integrating with Reddit and Arbitrumcommunity social impact - FTX Pay is Integrating with Reddit and Arbitrum

Support NCFA by Following us on Twitter!







NCFA Sign up for our newsletter - FTX Pay is Integrating with Reddit and Arbitrum




 

Leave a Reply

Your email address will not be published. Required fields are marked *

five + fifteen =