Reddit announces a new way to accept cryptocurrency using Community Points
- on Aug 10, 2022
Online forum Reddit has introduced a new way to accept cryptocurrency payments using Community Points. The platform has partnered with FTX, a popular crypto exchange to unlock new crypto perks for Reddit Community Points.
Reddit Community Points are a measure of reputation in user communities. In subreddits, they’re displayed alongside usernames, so the biggest contributors to the community stand out from the crowd. It should be noted that Community Points are on the Arbitrum Nova blockchain, so users can take their reputation to wherever they are recognized on the internet.
“We are always working to empower communities and introduce new ways to use Reddit, and decentralized and autonomous blockchain technology allows us to do that. By working with FTX, we are able to do this at scale,” said Niraj Sheth, software engineer at Reddit.
FTX Pay’s integration with Reddit will now allow users to purchase Ether cryptocurrency from supported Reddit apps, which can then be used to pay blockchain network fees for their on-chain Community Points transactions .
Community Points will allow users to create special memberships in your community that users can purchase with points. Special memberships unlock several features like badges, you can customize your subreddit presence with loyalty, achievement, style badges and even add a highlight color to your username.
Additionally, users will be able to embed GIFs, add animated Emojis, and run weighted polls to make big decisions in your community. “Unlike regular polls, these polls give a bigger voice to the people who have contributed the most to the community. The more Community Points someone has earned, the more weight their vote carries,” the company wrote in a post. blog.
You will also be able to tip someone for posting a message or comment. Community Points can also be sent to any Redditor with a Crypto Vault. “We are thrilled 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 statement.
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