According to a press release, social media giant Reddit has partnered with FTX Pay for an initiative that will allow users to pay for transactions on Blockchain with community points. The integration will also allow Reddit users to purchase Ethereum (ETH) directly through the app to pay network fees on different blockchains.
Launched in 2020, Reddit's blockchain-based community points system rewards users based on the quality of their posts. Community points migrated to the Arbitrum Nova chain in 2021.
FTX CEO Sam Bankman-Fried said:
“We are excited to partner with Reddit to continue empowering online communities to harness the power of Blockchain.”
Niraj Sheth, a software engineer at Reddit, said that the platform wants to introduce new ways to use Reddit, and that decentralized, self-sustaining blockchain technology allows it to do so.
The social media platform Reddit, which has gained great popularity in recent years, is following Twitter, which has recently started using crypto money-based features such as tipping with BTC.
However, Twitter founder and former CEO Jack Dorsey is known as one of the biggest supporters of Bitcoin. Dorsey took over the management of his other company, payment platform Block, in order to be more involved with Bitcoin. Block company's former name, Square, was changed to Block to show the company's connection to the cryptocurrency world.
Crypto Winter Continues to Impact Exchanges
Coinbase, one of the largest cryptocurrency exchanges in the world, announced its balance sheet. With the announcement of the Coinbase balance sheet, the loss was actually seen clearly. The expected revenue on the Coinbase side was $854 million, while the actual revenue was announced as $803 million. The revenue, which was announced as 1 billion 173 million dollars in the previous quarter, thus decreased by 30 percent in the second quarter.
In line with these data, the company announced its net loss as $ 1.1 billion, while it was stated that this decline was caused by the serious decline in the crypto money market. Looking at the trading volume side, it is seen that there is a 30 percent decline in the platform. Coinbase stock, which was listed on the US stock market last year, peaked at $ 430. However, the share price is currently at $87.