Reddit teams up with FTX to innovate community points

Reddit has partnered with cryptocurrency exchange FTX to integrate the social network’s Community Points feature with FTX Pay to allow Reddit users to buy Ether on the app.

Fast facts

• FTX Tuesday said the partnership enables Reddit users to purchase the second-largest crypto by market cap from supported Reddit apps and pay blockchain network fees for their Community Points on-chain transactions.
• In 2020, Reddit launched Community Points, which live on blockchain, as a measure of reputation in users’ communities.
• The social media giant’s move reflects its ambition to drive Web 3.0 innovation. In July, Reddit launched a new marketplace for non-fungible token (NFT) avatars.
• This comes as U.S. social media firms are fueling their blockchain push, with Instagram announcing last week it was expanding its NFT platform to 100 countries.