The HBAR Foundation is collaborating with Tim Stokely, the creator of the subscription-based platform OnlyFans, to pursue the acquisition of the Chinese social media app TikTok.
Last week, Stokely and the HBAR Foundation made a formal offer to the White House through Stokely’s newly established family-friendly crowdfunding venture, Zoop.
“Our proposal for TikTok goes beyond mere ownership change; it’s about establishing a new framework in which both creators and their communities can reap direct benefits from the value they produce,” stated Zoop co-founder RJ Phillips.
The HBAR Foundation is behind Hedera (HBAR), a proof-of-stake smart contract platform that debuted in 2018. As of now, HBAR boasts a market cap of $7.2 billion, making it the 22nd-largest cryptocurrency in the world. The coin’s price responded only moderately to this development, experiencing a 1.5% increase over the past 24 hours.
This bid for TikTok isn’t the sole offer under consideration; retail giant Amazon is also seeking to acquire the platform, as reported by various media outlets.