Following the refusal towards Bitcoin (BTC) payments a while ago, online forum Reddit is reportedly pulling a reversal on the decision, supporting crypto payments with new FTX collaboration. 

Specifically, Sam Bankman-Fried’s crypto exchange FTX and Reddit jointly disclosed details of a new statement on August 2nd, revealing that the platform has plans down its pipeline to complete the integration of Reddit’s Community Points in America, the European Union, Australia and other markets.

The collaboration will reportedly come with the integration of FTX Pay to function as a payment and crypto exchange tool, to open up new crypto-enabled benefits for Reddit Community Points. 

Rolled out in May last year, Reddit Community Points reportedly function as a measure of reputation in communities or subreddits, making it possible for users to have in their possession a piece of their favorite communities.

“As a unit of ownership, points capture some of the value of their community. They can be spent on premium features and are used as a measure of reputation in the community,” Reddit remarked regarding the introduction of the Community Points in 2020. 

Reddit Community Points are reportedly built upon the foundation of Arbitrum, one of the most Ethereum scaling solutions.

The freshly rolled out integration will reportedly make it possible to buy Ether (ETH) from supported Reddit apps through FTX’s payment and exchange infrastructure platform FTX Pay. 

The cryptocurrency can be used to pay blockchain gas fees, or network fees for their Community Points transactions on-chain.

“We’re always working to empower communities and introduce new ways to use Reddit, and decentralized, self-sustaining blockchain technology allows us to do that. By working with FTX, we’re able to do this at scale,” Reddit staff software engineer Niraj Sheth said.