Reddit – one of the most popular social media platforms – has partnered with leading cryptocurrency exchange FTX to offer A campaign known as community points. The campaign offers users new ways to accept crypto payments.
Reddit and FTX are collaborating
Cryptocurrencies have made their way into “speculative” areas and even “hedge funds.” Many believe that bitcoin, for example, is a way to beat inflation and prevent one’s wallet from suffering due to over-printing of money, a story that appears to have faced many challenges over the past year or so.
However, what many people seem to ignore is that digital currencies were initially created to help people make payments and access the items they need. When they are pushed out by standard institutions or banks, they can turn to cryptocurrency to purchase the items they need to help themselves and their families. Digital currencies were initially created to push cheques, fiat currencies and credit cards to the side, although this has come with many barriers due to the constant volatility that these assets face.
Thus, Reddit has become one of the latest companies to help cryptocurrencies achieve their initial goals. Niraj Sheth – a staff software engineer at Reddit – explained in a recent interview:
We are always empowering communities and introducing new ways to use Reddit, and our decentralized and self-sufficient blockchain technology allows us to do just that. By working with FTX, we can do this at scale.
FTX CEO and CEO Sam Bankman-Fried also threw his two years into the mix and commented on his growing enthusiasm for working with one of the world’s leading social media companies. He said:
We are excited to partner with Reddit to continue their work to empower online communities to harness the power of blockchain.
FTX has been in the news a lot lately. Aside from the fact that it is a relatively new cryptocurrency exchange and has become very large and very popular in no time at all, the company has done a lot to make crypto more accessible and convenient. For example, it is one of the few cryptocurrency platforms that spend money on TV ads.
Not all decisions were successful
Recently, the company made the rounds with a commercial featuring legendary quarterback Tom Brady making fun of cryptocurrency mining. An earlier movie—which rubbed many viewers the wrong way—starred Larry David of Curb Your Enthusiasm fame and was played during the Super Bowl.
In addition, Bankman-Fried recently announced plans to donate a lot of money to political candidates in the upcoming midterm elections, even though many of the candidates he plans to support are Liberals, it may come back to haunt him because Democrats don’t. You have the best track record when it comes to cryptocurrencies.
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