Leading cryptocurrency exchange FTX has integrated with Reddit in a move that would make it easier for users to purchase cryptocurrencies.
FTX, a leading regulated cryptocurrency company, announced on Tuesday that it has integrated with Reddit's Community Points in the US, EU, Australia, and other global markets.
The partnership features the integration of FTX Pay as a white-label payment and exchange solution to support users onboarding Community Points.
According to FTX, Reddit Community Points are a measure of reputation in users' communities. In subreddits, the community points are displayed next to usernames, so the biggest community contributors stand out from the crowd.
The Community Points are on the Arbitrum Nova blockchain, which enables users to take their reputation anywhere they're recognized on the Internet. The integration of FTX Pay allows users to purchase Ether cryptocurrency from supported Reddit apps, which then can be used to pay blockchain network fees for their Community Points transactions on-chain.
While commenting on this latest development, Sam Bankman-Fried, FTX's CEO, said;
"We're excited to partner with Reddit to continue their work to empower online communities to harness the power of blockchain. FTX Pay's payment and exchange infrastructure integrate with Reddit Community Points, making the customer experience a more seamless process."
Niraj Sheth, Staff Software Engineer at Reddit, added that;
"We're always working to empower communities and introduce new ways to use Reddit, and decentralized, self-sustaining blockchain technology allows us to do that. By working with FTX, we're able to do this at scale."
FTX is one of the leading cryptocurrency exchanges in the world. FTX.US, the United States arm of the exchange, offers the US and international traders a platform that inspires their loyalty, and to become a market-leading US-regulated cryptocurrency exchange.
Reddit is one of the most popular websites in the United States and has been largely involved in the crypto and blockchain industry for many years. The discussion platform previously allowed users to pay for their premium membership in Bitcoin. However, Reddit removed this feature in 2018.
FTX reviews within and outside the United States have been positive, and this could attract many stock traders to the cryptocurrency trading platform. Also, the low FTX fees also mean that the cryptocurrency exchange is growing far more quickly than any other reputable crypto trading platform.