Most people I know who are really successful in an area of finance didn't start down the path only to make money - usually they were really intellectually interested in some aspect of the world that was reflected in or managed by finance. He ventured into crypto in 2013 and is an ETH maximalist.Here's what a very wise Jon Lonsdale once told me, although this relates more to technology than the oil & gas sector: Reddit's rival Twitter (TWTR) integrated a blockchain rewards system earlier this year by introducing a Bitcoin tipping feature. Reddit launched a new marketplace for non-fungible token (NFT) avatars in July 2022. The recent move by the social media behemoth reflects its desire to drive Web 3.0 innovation. Last year, he launched a $100 million Web3 investment fund. They can also use it to buy perks including special memberships and rewards."Īlexis Ohanian, the co-founder of Reddit, has been heavily involved in crypto. Users can use Points to display their influence in the subreddit and bring their reputation to other communities in or outside Reddit. "Using Points, communities can incentivise more engagement and better content, reward creators, and launch their customised Points token. Reddit users can earn community points in the form of ERC-20 tokens. They can be spent on premium features and are used as a measure of reputation in the community." "As a unit of ownership, points capture some of the value of their community. It is one of the most commonly used Ethereum scaling solutions. It was created to allow users in two subreddits to earn blockchain rewards for submitting 'quality posts and comments.' Arbitrum Nova blockchain underpins Reddit Community Points. Reddit introduced Community Points in 2020.
By working with FTX, we're able to do this at scale."
CRYPTO CAPITAL VENTURE REDDIT SOFTWARE
Niraj Sheth, a software engineer at Reddit, said, "We're always working to empower communities and introduce new ways to use Reddit, and decentralised, self-sustaining blockchain technology allows us to do that. This process may be confusing to the average Reddit user, but thanks to the FTX partnership, non-crypto-savvy customers can buy the crypto they need directly through the Reddit app with fiat currency. The crypto can be used to pay blockchain gas fees or network fees for their on-chain Community Points transactions.
This means that, with the new integration, Reddit users will be able to buy Ether (ETH) from supported Reddit apps using FTX Pay, the payment and exchange infrastructure platform.
FTX Pay's payment and exchange infrastructure integrates with Reddit Community Points, making the customer experience a more seamless process."įTX Pay enables merchants to accept both crypto and fiat currency. Sam Bankman-Fried, FTX's CEO, said in an announcement published on Tuesday, August 9, "We're excited to partner with Reddit to continue their work to empower online communities to harness the power of blockchain. The collaboration includes the integration of FTX Pay as a white-label payment and exchange solution to help users onboard Community Points in the EU, Australia, and other global markets.
Reddit, the US-based social media giant, has partnered with FTX Pay to allow users to pay gas fees on transactions using community points.
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