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Reddit and FTX collaborates to allow ETH gas fee for community points

Reddit and FTX collaboration allows the users to purchase from Reddit Apps using FTX pay.

Reddit has been a well-known open forum in the past few years and also for its avant-garde approach in some ways of interacting with its frequent users, such as allowing premium users to pay in bitcoin, but that stopped in 2018.

After inching away from (BTC) transactions for quite some time, the online forum Reddit seems to be inching closer to cryptocurrency payments with the FTX exchange through a brand new partnership.

Reddit users may transact or purchase Ether from all supported or accredited applications through the FTX payment platform.

Reddit co-founder Alexis Ohanian has been widely involved in crypto, launching a $100 million Web3 investment fund last year.

Ohanian subsequently launched another $200 million Web3 and social media fund in collaboration with the Ethereum scaling solution Polygon.

“We’re always working to empower communities and introduce new ways to use Reddit, and decentralized, autonomous blockchain technology allows us to do that. By working with FTX, we’re able to do this at scale,” Reddit staff software engineer Niraj Sheth said.

Good move for both. As Reddit can add a good captured community for Ether and for Ether to get a boost in the transaction and trade side. This is an example of an industry initiative with an actual community application for cryptocurrency.

The partnership will provide the users FTX Pay as a crypto payment platform – this is to unlock new crypto-enabled perks for Reddit community points. As a unit of right to ownership, the points capture some value for further community purchase purposes, specifically on premium features in Reddit.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.