FTX brings crypto swaps to Reddit
FTX brings crypto swaps to Reddit
- Users can move the community points of Reddit in Ethereum money exchanges created by Arbitrum and pay gas fees with FTX PAY
- Members of the R/Cryptocurrency Forum deserved up to $ 340 on Community Points tokens for posting in the subtDDIT
In the recent case of FTX, which goes on a massive shopping frenzy on the bear market, the crypto exchange has completed a deal with Reddit.
The crypto-to-fiat exchange platform FTX PAY integrates into Reddit and Arbitrum so that users can pay gas fees on Reddits "Community Points" token with Fiat. Community Points, which were introduced in 2020, are blockchain-based Reddit token with which users can distribute rewards and interact with the social platform
Reddit is a platform of choice for crypto-small investor-crypto was the platform of the platform most viewed topic in 2021 . In July 2021 the Rollup solution arbitrum a competition To build an Ethereum Rollup for Community Points, and now the Rollup starts at Ethereum in the Mainset, the company said on Tuesday.
Community Points make it possible to reward active members or make governance decisions.
Like all Layer 2-Rollups, Community Points Transactions are billed on Ethereum, and Reddit has commissioned the expansion-oriented FTX to have users paid for the transaction fees from Ethereum with FIAT.
"Users need ETH for gas fees to do business with their community points in the chain, and FTX Pay enables you to do so," said Amy Wu, head of FTX Ventures, in an email.
However,community points are only in the R/Cryptocurrency and R/Fortnite-Subreddits Live Reddit has a waiting list . Reddit Airdrops point to active users-similar to how users receive "karma" for positively evaluated contributions.
Top contributors in R/Cryptocurrency earned 3,774 "Moons" token in the last month or currently about $ 340 secondary market prices. A Reddit spokesman said that Community Points were only intended for the community governance and "reputation points" at Reddit, and added that the sale of the tokens violated the terms of use of the website.
Steven Goldfeder, CEO of Offchain Labs, the developer behind Arbitrum, told Blockworks, he hoped for new use cases related to Reddit.
"We have built up the entire rollup and security mechanism, but we also allow others to develop in this ecosystem," said Goldfeder. "It's not just Reddit who introduces community points. Others can fall back on it. A game developer can say, for example: 'I start a game and the currency in my game are these Reddit Community Points.
The crypto integration of Reddit is the latest case of a web2 company that is shopping in web3 technology after Instagram expanded its NFT integration last week.
"Reddit has a huge community," said Goldfeder, "how do you get a billion users on blockchain? It's about tapping these existing communities and bringing them into the blockchain."
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The contribution FTX Bringing Crypto Swaps to Reddit is not a financial advice.