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Crypto Platform FTX Pay and Reddit Strike a Deal

·3 min read
Crypto Platform FTX Pay and Reddit Strike a Deal

It sent crypto investors into panic, prompted Tesla CEO Elon Musk to convert 75% of the company's bitcoins into fiat currency, and moved Meta's META Facebook to shut its digital payment project, Novi. Crypto lenders also started to fold, such as Voyager Digital and Celsius Network, which filed for bankruptcy in July and June respectively. It all looked pretty sour, but some crypto believers -- such as Michael Saylor, who recently stepped down from his longtime position as CEO of MicroStrategy -- refused to be daunted by the situation.