Crypto exchange FTX announced that it teamed up with social media platform Reddit to integrate FTX Pay as a white-label payment and exchange solution.
Essentially, the integration will support the users' Community Points, which are used to measure popularity and ranking on the social media site.
The points will exist in the blockchain and be stored in a Vault, the users’ crypto wallet, and can be used to vote on decisions and reward creators on the platform.
Integration of FTX pay will also let users purchase Ethereum cryptocurrency from Reddit-supported apps, which can be used to pay blockchain network fees for their Community Points transaction, according to a statement from the exchange.
Users can convert fiat currency to Ethereum to cover the gas fees associated with running the blockchain.
"We're excited to partner with Reddit to continue their work to empower online communities to harness the power of blockchain,” said Sam Bankman-Fried, chief executive of FTX
“FTX Pay's...
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