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FTX has announced that FTX Pay’s infrastructure has integrated with social media and news aggregation forum Reddit’s Community Points system. The integration has been rolled out in the US, EU, Australia and other countries around the world. FTX Pay will also join Infura, P2P, Google Cloud and other companies and projects to create a new Data Availability Committee (DAC) for Offchain Labs’ new chain, Arbitrum Nova.
On August 9, crypto company FTX revealed that FTX Pay will be supported by Reddit’s Community Points system. Bitcoin.com News reported on Reddit introducing an Ethereum-based Community Points beta program in December 2021.
Before the beta launch, Reddit revealed that it would be using the Ethereum scaling solution Arbitrum for the points program. Reddit’s Community Points project uses Offchain Labs’ new chain, Arbitrum Nova, and FTX explained that FTX Pay’s “payment and exchange infrastructure” has integrated with Reddit’s crypto-infused system.
FTX described that because Reddit’s Community Points use Arbitrum Nova “users can take their reputation anywhere they are recognized on the Internet.” “The integration of FTX Pay allows users to purchase [ethereum] from supported Reddit apps, which can then be used to pay blockchain network fees for their on-chain Community Points transactions,” FTX added.
In addition to FTX Pay integrating with Reddit’s crypto points system, the company joins Web2 and Web3 participants such as Infura, Offchain Labs, Reddit, Google Cloud, P2P and Quicknode who have formed a new Data Accessibility Committee (DAC). Consensys company Infura revealed information about DAC on Tuesday as well, publishing a blog post explaining what DAC is and how it will work.
“The committee will work by assuming at least two honest members to protect the funds,” notes Infura’s blog post. “By having six members on the DAC to increase the difficulty of compromising validation consensus, Arbitrum Nova users will benefit from a highly secure system, because no member will be a single point of failure.”
Regarding the FTX Pay integration, FTX CEO Sam Bankman-Fried said the crypto firm was looking forward to working with popular forum site Reddit. “We are excited to partner with Reddit to continue their work to empower online communities to harness the power of blockchain,” Bankman-Fried said in a statement Tuesday.
In the United States, Reddit is the 7th most visited website in the country, and globally, the forum site ranks as the 8th most visited website, according to statistics as of June 2022. Reddit also has approximately 52 million daily active users and 2.8 million subreddits, according to 2021 – measurements recorded by oberlo.com.
“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,” Niraj Sheth, staff software engineer at Reddit, said Tuesday. “By working with FTX, we are able to do this at scale.”
What do you think of FTX Pay integration with Reddit’s Community Points program? Let us know what you think about this topic in the comments section below.
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