Reddit has entered into a "global partnership" with the FTX cryptocurrency exchange to bring its "community points" to the Ethereum mainnet on Arbitrum Nova. The exchange said in a blog post that users can collect and get access points via FTX Pay.
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With the help of points Reddit's users can display their influence in the subreddit and bring their reputation to other communities in or outside of the platform. Points can also be used to purchase perks, including special memberships and rewards.
However, points themselves can not be purchased, but only earned through "active engagement and other activities." Yet, users will still need ether (ETH) to cover network fees.
In February, Ethereum wallet Rainbow raised $18 million in a Series A funding round led by venture firm Seven Seven Six founded by Reddit Co-Founder, Alexis Ohanian. Previously, iHodl reported that Ohanian's venture firm called 776 Management raised $500 million for two new funds to invest in crypto startups.
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