Reddit and its community users!
Reddit is essentially a platform where the users of the platform are permitted to submit content in different formats such as links, text, post and any other viable option, which are then voted by the other members. Posts are organized by subject into user-created boards called “communities. The main interface of the platform is that when any content uploaded by a user is gets up votes, then such content is ranked higher. If the content gets down vote from the community, then the content is kept under radar.
The Reddit community can choose to earn Community Points, as they are most frequently known. These community points are essentially Reddit Tokens built on the blockchain, which are used by users to interact and earn rewards on the platform.
In order to advance the payment systems of the platform, Reddit went on to integrate with FTX pay, which is a Crypto-to-Fiat exchange.
Reddit X FTX Pay
The recent announcement about the integration of Reddit with FTX Pay has been successful enough to capture the minds of everyone. From a user’s perspective, the integration will provide them with the opportunity to pay gas fees on Reddit.
Let’s look at a tweet below!
1/ Excited to announce our @FTX_Official global partnership with @Reddit today with Reddit Community Points! Users need Eth for gas fees to transact with their Points on-chain, and FTX Pay allows them to do that.https://t.co/glNCpHcU3E
— Amy Wu (@amytongwu) August 9, 2022
The tweet explains how the community members will be able to pay for their gas fees. Basically, the integration will provide the users an opportunity, to purchase Ethereum from crypto applications that are supported by Reddit, and use the same tokens, for Community Point’s Gas fee using the token.
FTX’s feeling about the partnership!
FTX appears happy because the market will only gain from the parties’ cooperation. In a move that will be advantageous to both sides, FTX Pay and Reddit are also prepared to accept non-native cryptocurrency users.
FTX’s moves in the market.
Since the market crash occurred in May, FTX has been one of the companies that has taken responsibility of reviving back the market. FTX led by Sam Bankman-Fried has acquired a lot of companies in the cryptocurrency market. It surely seems as if the company is motivated enough to bring back the cryptocurrency market to normalcy.
According to me, the integration is expected to do good for the crypto market as FTX is already making its efforts in reviving back the market. From Reddit’s perspective, the users and the community as a whole are bound to enjoy the additional benefits by using the FTX pay facility. In conclusion it can be said that it is a fair deal for both the entities.
What are your views on the partnership between the two entities? Share your thoughts below. Also share this article with your friends and family in case you liked it!