Share this article
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.
Make us preferred on Google
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 directly on the app in order to pay for network fees on different blockchains.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Circle faces first major 'threat' for institutional dollars from Tether’s USAT
While Circle's USDC has operated without a "credible domestic competitor," Tether's USAT has the potential to shake up the landscape, analysts said.
What to know:
- Analysts said USAT, the U.S.-focused stablecoin by Tether, could become the first credible domestic competitor to Circle's USDC token.
- USAT is "a threat to USDC" and could gain an edge through institutional partners and global USDT connectivity, Crypto is Macro Now's Noelle Acheson said.
- ClearStreet's Owen Lau called USAT “a manageable risk” for Circle, and noted potential "cannibalization" risk between Tether's two tokens.
Top Stories
