FTX announces that Reddit now accepts Ethereum Cryptocurrency for users purchasing Community Points limiting on two subreddits, r/Cyrptocurrency, and r/FortniteBR, who both have more than seven million members, as reportedly first by The Verge. The social media platform is considering expanding this new way of purchasing to other communities or subreddits in the future.
This collaboration between the two allows the users to not leave the app to buy Ethereum, and through this, FTX Pay allows them to accept both crypto and fiat. Reddit wants to inform and introduce crypto to different communities who still do not know of it to make it much easier for them to purchase.
In a tweet by FRX Ventures Head Amy Wu, she said that she is very excited to support the platform in taking this new journey. She stated, "Reddit is a pioneer in harnessing the power of blockchain to empower online communities to own and control their communities."
Users from Reddit were already interested in cryptocurrency ever since then as it was to be the most viewed topic in 2021 hence the partnership and the company's seriousness on allowing cryptocurrency in the platform to ease the adoption to the community.
Wu said in an email to Fortune that "We are always excited about uses of blockchain with deeply embedded utility, which is Community Points. Reddit users and communities will be able to be more empowered and open," considering that Reddit has one of the biggest consumers with its 400 million monthly active users.
What is Community Points
In 2020, Reddit introduced a new model where users can own a piece of their favorite communities, Community Points. These capture the value of their brought community where they can be spent on premium features to measure the reputation of the community.
By only submitting comments and posts to the sub, users can earn their own points, and the votes will decide how many points they have earned during the distribution every week. Users can find tokens in their own Reddit Vault.
Reddit's More New Features
Last July, Reddit announced that users can now reply to the comments with GIFs from Giphy. Although it is not free for all users, the GIF company offers a lot of variety where Redditors can choose.
This feature was added because a lot of people have been wishing to add this to the platform. Before launching this new feature, GIF comments were only available on the platform through the use of Powerups, a community subscription that allows Redditors to give back to selected communities by unlocking the community perks together. And this can only be applied if you purchased a Reddit premium subscription and Powerup subscription at the same time.
Aside from GIFs, searching for comment is also now available in the platform that has been requested for a long time by Redditors. Reports from TechCrunch say that Reddit is also considering adding Tiktok-like video features in the future.
This article is owned by TechTimes
Written by Inno Flores
