Reddit is actively working on its intent to educate its users about virtual currency’s concept and use cases.
This discussion website’s management announced that the company is already honoring cryptocurrency for its ‘Community Points’ feature.
We find it interesting and worthy to read and share this latest cryptocurrency-related news with our followers.
We believe it will benefit them, especially if they are regular Reddit users who are also crypto-asset enthusiasts.
Based on the report posted online by TechTimes, an online source for the latest news on technology, science, and health, Reddit wants to introduce virtual currency to various communities still unaware of this novel financial instrument.
The social media platform’s management intends to make it much more effortless for the communities to buy crypto-assets.
Reddit collaborated with Bahamian cryptocurrency exchange FTX in this present initiative. It accepts Ether, which is Ethereum’s cryptocurrency, for users buying Community Points limiting on two subreddits.
The latter are r/FortniteBR and r/Cryptocurrency, and both have over seven million members. Moreover, in Reddit’s new feature, users do not have to leave the content rating portal’s application to purchase Ether.
FTX Pay permits users to accept both fiat currency and cryptocurrency. Community Points pertain to the new model Reddit introduced in 2020.
This feature lets users own a piece of their favorite communities. Furthermore, Community Points on Reddit capture the value of users’ brought community where they are spendable on premium features to measure the community’s reputation.
Cryptocurrency was the most viewed topic on Reddit last year. The social news aggregation website’s users have already demonstrated their fervent interest in virtual assets.
Thus, the FTX-Reddit partnership materialized. Additionally, Reddit’s administrators became more serious about allowing virtual currency on the social media platform, easing its adoption by the community.
Amy Wu is FTX Ventures’ chief. She remarked in a tweet that she feels quite thrilled to support Reddit in taking this new journey.
Wu described the discussion portal as a pioneer in harnessing blockchain technology’s power, bolstering online communities to own and control their groups.
She relayed that they at FTX are always excited about blockchain technology’s utilities with profoundly embedded use, which are the Community Points.
The FTX Ventures head cited that Reddit’s new feature will permit communities and users to become more open and empowered.
Wu mentioned that the discussion website has one of the largest user bases, with 400 million monthly active consumers at the time of writing this report.
We are glad to discover the Reddit management’s intent to integrate cryptocurrency utilization into the platform.
We believe this social news aggregation portal will be able to attract more users with its new feature, especially those who are virtual currency enthusiasts.