FTX has entered into a global partnership with Reddit to empower its community through Community Points which are all set to go live soon. FTX looks to leverage a large number of active users on Reddit and allow them to collect & access points through FTX Pay.
Community Points will be a great way for the users to incentivize their engagement and content creation.
The move comes after Reddit stated in 2020 that it would scale Points toward the Ethereum mainnet via Arbitrum Nova. Reddit is not just a social network but a base of millions of active monthly users that constantly looks to pioneer Web3 by harnessing blockchain technology.
Once released, Points will enable users to take ownership and control of their respective online communities. Points will also be a great way of displaying the power of their influence. Using Points anywhere, including buying membership and rewards, is another way their holders will experience its utility.
Points will be available on various subreddits; however, they will initially go live on r/CryptoCurrency and r/FortnightBR. The number of points will be displayed next to the username to showcase how well they have performed among others in the community.
FTX shared the update by publishing a blog post called Points, an integral to the future of online communities. ERC-20 tokens known as points are used on the Arbitrum Nova blockchain.
One can only earn Community Points by driving active engagement and not purchasing. The Reddit Vault wallet on the phone or the web displays points. One can obtain airdrops by merely paying the gas money, commonly referred to as Ethereum Network Fees.
Users must ensure sufficient ETH tokens to cover the gas fund. If not, then ETH can be bought by FTX Pay through a credit or debit card.
FTX is a crypto exchange and derivative platform that was founded in 2019. It is headquartered in Hong Kong, with over 180 cryptocurrencies and more than 270 trading pairs listed on the platform. FTX Exchange enables users to transfer funds through fiat and stable cryptocurrencies like Bitcoin and Ethereum.
Services of FTX are currently not allowed for users in the United States of America as the platform is yet to obtain regulatory approvals. The website is, however, secured by an SSL certificate to provide an exclusive trading experience in cryptocurrency.
The exchange platform is best for professionals who are engaged in cryptocurrency trading and investment. FTX can handle large trading volumes for users based outside of the United States of America.
A list of products offered by FTX Exchange are:-
- MOVE Smart Contracts
- Over 20 Perpetual Swaps
- Bitcoin Options
- 45 Leveraged Tokens
The KYC process is mandatory and easy to perform. FTX Exchange guaranteed liquidity for all the users on the platform.
The partnership between FTX and Reddit is with a vision to empower the community. Success is easy to guess, with an inevitable success waiting for them.