Reddit users may now purchase Ethereum (ETH) directly on the discussion board thanks to a new partnership with FTX, the cryptocurrency exchange owned by Sam Bankman-Fried.
This is possible through the successful integration of FTX Pay, a solution that makes for seamless purchase of digital currencies and which was first introduced back in 2020 as a pilot test.
Consumers may purchase blockchain-based community points which are stored in a digital “Vault”.
They are used to help community members raise their stature in particular communities and establish their reputation.
Presently, the points are designed to give consumers some control over what happens in discussion boards through voting rights.
Only two communities are using this blockchain-based community point system, to name /r/Cryptocurrency and /r/FortniteBR. However, Reddit is optimistic that adoption will increase as the intuitive solution becomes more appealing to tech-savvy consumers.
Consumers better not rush into these points either, as they will have to understand how the purchases work. For one, buying these points would have to be completed in Ethereum (ETH).
The network on which the currency is based will also charge gas fees for transactions, and some consumers may not be prepared or know about these additional charges.
This is why Reddit and FTX will take things slowly as they introduce and educate consumers about all they need to expect and account for.
Regardless, Redditors are very likely to uptake NFTs, cryptocurrencies and other blockchain solutions naturally as the consumers on the platforms are more open to embracing new technology.
If you wish to use your crypto recreationally, we recommend checking out 1xBit, FortuneJack or Bitcasino.io.