Crypto exchange FTX is going to help social media platform Reddit with its crypto activities. The exchange is going to help Reddit by letting users pay Ethereum (ETH) transaction fees with fiat money. Thus, one does not necessarily have to own ethereum to use Reddit’s Community Points to be able to send.
FTX Facilitates Reddit’s Crypto Transactions
The two sides announced the news this week in a announcement. ‘Redditors’ can soon buy ethereum within the Reddit ecosystem through FTX Pay. The ETH can then be used to pay the transaction fees for the Community Points. This points system is based on tokens that are registered on the Ethereum blockchain. It serves as a reward system for the most active Reddit users.
Reddit consists of countless ‘subreddits’ and so far only the r/cryptocurrency and r/fortniteBR subreddits integrated this Ethereum-based points system. However, more will follow.
Being active within these communities can be quite interesting. For example, the most active Redditors, such as u/Dwaas_Bjaas and u/nick83487, earned 3,774 “MOON” tokens in the past month. MOON is the name of the tokens that users earn within the r/cryptocurrency subreddit. These users earned about $530 in dollar terms. It should be noted that it is against Reddit’s rules to resell the tokens.
FTX CEO: ‘Reddit benefits from blockchain’s power’
Commenting on the new partnership, FTX CEO Sam Bankman-Fried said he is happy to help Reddit users with his platform:
“We are excited to partner with Reddit to continue their work to enable online communities to harness the power of blockchain. FTX Pay’s payment and exchange infrastructure integrates with Reddit Community Points, making the customer experience a more seamless process.”
Now you may be wondering how to earn tokens like MOON on Reddit. That’s actually quite easy. All you have to do is be active in the cryptocurrency and Fortnite communities by posting valuable comments and posts. The more upvotes you get from other users, the more tokens you receive. These tokens are distributed every four weeks through a airdrop.
For all updates and announcements about FTX, Dutch people can now visit the official FTX Telegram channel. This channel can be found via this link.
