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Reddit Expands Community Points Offering With FTX Pay Integration

Reddit users can now purchase ether directly on the app.

Updated May 11, 2023, 5:40 p.m. Published Aug 9, 2022, 2:07 p.m.

Social media giant Reddit has formed a partnership with FTX Pay to allow users to pay gas fees on transactions using community points, according to a press release on Tuesday.

The integration will also allow Reddit users to purchase ether (ETH) directly on the app in order to pay for network fees on different blockchains.

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Launched in 2020, Reddit's blockchain-based community points system awards users based on the quality of their posts. Community points shifted to the Arbitrum Nova blockchain in 2021.

"We're excited to partner with Reddit to continue their work to empower online communities to harness the power of blockchain," FTX CEO Sam Bankman-Fried said in the release.

Niraj Sheth, a software engineer at Reddit, added that the platform is looking to "introduce new ways to use Reddit, and decentralized, self-sustaining blockchain technology allows us to do that."

Reddit's move mirrored rival social media platform Twitter's (TWTR) approach, which integrated a blockchain rewards system by introducing a bitcoin tipping feature earlier this year.

FTX Payments Network Social Media Sam Bankman-Fried

Oliver Knight

Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.