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Online forum Reddit introduced a new way to accept cryptocurrency payments using community points. The platform has partnered with FTX, a popular crypto exchange, to unlock new cryptocurrency-enabled benefits for Reddit Community Points.
Reddit Community Points is a measure of reputation in user communities. They appear next to usernames in subreddits, making the biggest community contributors stand out from the crowd. It should be noted that community points are on the Arbitrum Nova blockchain, so users can take their reputation anywhere on the Internet where they are recognized.
“We’re always working to strengthen communities and introduce new ways to use Reddit, and blockchain’s decentralized, self-sustaining technology allows us to do just that. By working with FTX, we can do this at scale,” said Niraj Sheth, Staff 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 Community Points on-chain transactions.
Community Points will allow users to create special memberships in your community that users can purchase with points. Special membership unlocks several features such as badges, you can customize your subreddit presence with loyalty, achievement and style badges and add a highlight color to your username. In addition, users will be able to embed GIFs, add animated emoticons, and run weighted surveys to help make big decisions in your community. “Unlike regular public opinion polls, these polls give a bigger voice to people who have contributed more to the community. The more community points someone earns, the more weight their vote carries,” the company wrote in a blog post.
You’ll also be able to tip someone for a post or comment. Community points can also be sent to any Redditor with a crypto vault.
“We are 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 a release.