- The Hedera Foundation, in partnership with Zoop, has placed a bid to acquire TikTok, aiming to revolutionize the platform by empowering creators and their communities.
- This move highlights the growing trend of crypto firms diversifying into traditional industries, with HBAR gaining increasing institutional attention.
The HBAR Foundation, linked to the Hedera network, is entering into a bid for TikTok. The Foundation has partnered with Zoop, a startup co-founded by Tim Stokely, the founder of OnlyFans. The aim is to make a late-stage offer for the popular social media platform.
The bid comes as TikTok faces a looming deadline of April 5, with its parent company, ByteDance, being forced to sell its U.S. division or face a ban.
The crypto-powered duo is ready to take on retail and tech giants, including Amazon, for control of the video-sharing app.
A New Era for Social Media and Crypto
The HBAR Foundation’s approach isn’t just about acquiring a tech company—it’s about reshaping the future of digital content. According to RJ Phillips, co-founder of Zoop,
“Our bid for TikTok isn’t just about changing ownership, it’s about creating a new paradigm where both creators and their communities benefit directly from the value they generate.”
This ambitious vision reflects a growing trend in the crypto space where blockchain technologies are being leveraged to revamp traditional business models. By empowering content creators and audiences alike, HBAR and Zoop aim to create a new ecosystem. This will benefits all stakeholders in the platform’s success.
As the April 5 deadline for TikTok’s U.S. operations draws near, the Hedera Foundation’s offer could add a fresh layer of competition to the already crowded field of potential bidders. Amazon, a global retail giant, is reportedly in the running. Despite the uncertainty surrounding TikTok’s future, this partnership with Zoop could be a game-changer in the digital space.
HBAR Foundation’s Growing Influence in the Crypto World
The HBAR Foundation’s bid for TikTok comes as the Hedera network is gaining increasing attention from institutional investors. While Hedera’s native cryptocurrency, HBAR, hasn’t yet broken into the top 15 digital assets, its enterprise-oriented blockchain is seeing strong adoption. Additionally, the potential approval of a Hedera ETF by the U.S. Securities and Exchange Commission (SEC) could propel the platform into greater mainstream adoption.
This move is emblematic of a larger trend in the crypto world: diversification. Crypto firms are no longer limiting themselves to just digital currencies and blockchain innovation. They are expanding into traditional industries like social media and digital media. Whether it’s Tether’s Bitcoin purchase or other projects venturing into non-crypto ventures, the message is clear. The future of crypto is about broadening horizons and exploring new ecosystems.
