FTX Pay will support Reddit’s community points system, a series of Web2 and Web3 companies form the data availability committee

The integration has been deployed in the United States, the European Union, Australia and other countries around the world. FTX Pay will also join Infura, P2P, Google Cloud and other companies and projects to create a new Data Availability Committee (DAC) for Offchain Labs’ new channel, Arbitrum Nova.

Prior to the beta launch, Reddit revealed that it would use Ethereum’s scaling solution Arbitrum for the points program. Reddit’s community points project uses Offchain Labs’ new chain, Arbitrum Nova, and FTX explained that “the payment and exchange infrastructure” from FTX Pay has been integrated into Reddit’s crypto-currency-based system.

FTX detailed that why Reddit’s community points use Arbitrum Nova “users can take their reputation anywhere they are recognized on the Internet“. “ FTX Pay integration allows users to purchase [ethereum] from supported Reddit apps, which can then be used to pay the blockchain’s network fees for their on-chain community point transactions“, FTX adds.

In addition to FTX Pay’s integration with Reddit’s crypto points system, the company joins Web2 and Web3 participants such as Infura, Offchain Labs, Reddit, Google Cloud, P2P and Quicknode that have formed a new Data Availability Committee (DAC). Consensys Infura revealed information about the DAC on Tuesday as well, and issued a press release explaining what the DAC is and how it will work.

“The committee will operate assuming at least two honest members to protect the funds“, notes the Infura article. “By having six members on the DAC to increase the level of difficulty in compromising the validation consensus, Arbitrum Nova users will benefit from a highly secure system, as no member will be a single point of failure.“

Regarding the FTX Pay integration, FTX CEO Sam Bankman-Fried said the crypto-currency company is looking forward to working with Reddit. “We are excited to partner with Reddit to continue their work to empower online communities to harness the power of blockchain“, Bankman-Fried said Tuesday.

In the U.S., Reddit is the seventh most visited website in the country and worldwide, the forum site ranks as the eighth most visited website, according to June 2022 statistics. Reddit also has about 52 million daily active users and 2.8 million subreddits, according to 2021 metrics recorded by oberlo.com.

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