Breaking: Hedera’s HBAR Foundation Takes On Amazon With TikTok Bid
Highlights
- HBAR Foundation has joined the bid for TikTok acquisition
- The crypto organization has partnered with Zoop, a startup co-founded by OnlyFans Founder
- Crypto firms are now diversifying their products, a trend that is becoming popular
HBAR Foundation, the body linked to the Hedera blockchain, has inked a partnership with OnlyFans founder Tim Stokely to submit a late bid for TikTok. The crypto firm and a startup run by Stokely, Zoop, are taking on tech giants like Amazon for the micro-messaging and video platform.
HBAR Foundation Eyeing Diversification
According to the Reuters report, HBAR Foundation and Zoop sent the Intent to Bid to the White House earlier this week.
“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,” Zoop co-founder RJ Phillips revealed in an interview with Reuters.
As noted, the duo has been working alongside several investors to achieve the current goal. Retail and tech giant Amazon is among the bidders for TikTok. The deadline by which ByteDance, the parent company of TikTok, must have sold its US operations is fast approaching: April 5.
If it does not, the platform risks becoming a bank under the Trump administration. Despite the ambitious bid, it remains uncertain what the fate of HBAR Foundation and Zoop will be for the platform.
Hedera and HBAR ETF Gaining Momentum
Despite not being in the top 15 digital currencies, Hedera is seeing a broad embrace in institutional adoption. An HBAR ETF is one of the crypto exchange-traded funds awaiting approval from the US Securities and Exchange Commission (SEC).
As reported earlier by CoinGape, Canary Capital filed for Hedera ETF in January. While many other altcoins joined the ETF trend, the prospect of Hedera was placed in focus. Known for its enterprise capabilities, the protocol has seen a more intense adoption trend over the past year.
Many analysts have spotlighted the coin’s price since the filing. With the Hedera price gaining momentum, there are speculations that it could soar to $0.9 in the long term.
Crypto Firms and Diversification
The proposed bid by HBAR Foundation to enter social media underscores the growing trend in the digital currency ecosystem. Notably, the move shows how much premium crypto firms are now placing on diversification.
Earlier this week, Tether bought 8,888 Bitcoin units while taking stakes in BeWater, an Italian digital media company. Other projects like JellyJelly are also exploring stakes in non-crypto-focused entities, underscoring the need to extend crypto innovations into other ecosystems.
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