As part of the partnership, Reddit has integrated FTX’s payment app FTX Pay with the social network’s Community Points feature to allow its users to make Ether purchases.
See related article: Instagram expands NFT platform to 100 countries
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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.
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See related article: What decentralization can offer Web 3.0 and social media | Part 1
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