Thursday, September 29, 2022

Reddit Announces New Cryptocurrency Acceptance Method Using Community Points

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Reddit has introduced a new method of accepting bitcoin payments via Community Points. To unlock new crypto-enabled bonuses for Reddit Community Points, the platform has collaborated with FTX, a renowned crypto exchange.

Reddit Community Points are a metric for user reputation in their communities. They are shown next to usernames in subreddits to help the most active community members stand out from the throng. It should be emphasised that Community Points are stored on the Arbitrum Nova blockchain, allowing users to carry their reputation wherever on the Internet.

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

With the integration of FTX Pay and Reddit, users may now purchase Ether cryptocurrency via supported Reddit applications, which can subsequently be used to pay blockchain network fees for their Community Points transactions on-chain.

Community Points will enable users to create Special Memberships in your community that can be purchased with points. You may customise your appearance on the subreddit with loyalty, accomplishment, style badges, and even add a highlighted colour to your nickname with Special Memberships.

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