The HBAR Basis has teamed up with the founding father of web subscription website OnlyFans, Tim Stokely, in a bid to amass Chinese language social media app TikTok, based on a brand new Reuters report.

Stokely and the HBAR Basis submitted a bid final week to the White Home by way of the previous’s new family-friendly crowdfunding firm, Zoop, Reuters stated.

“Our bid for TikTok is not nearly altering possession, it is about creating a brand new paradigm the place each creators and their communities profit instantly from the worth they generate,” Zoop co-founder RJ Phillips instructed Reuters.

The HBAR Basis is the entity behind Hedera (HBAR), a proof-of-stake good contract platform that launched in 2018. With a market capitalization of $7.2 billion, HBAR is the Twenty second-largest cryptocurrency in existence as of press time. The coin solely reacted mildly to the information and is up 1.5% within the final 24 hours.

The duo’s bid for TikTok isn’t the one one available on the market. On-line retailing large Amazon (AMZN) can be trying to amass the platform, based on The New York Occasions.

The HBAR Basis confirmed to CoinDesk that it had certainly submitted a bid to amass TikTok US with Zoop.

“This strategic initiative goals to disrupt the normal large tech mannequin the place platforms can seize as much as 90% of income whereas creators – who generate the content material – obtain a disproportionately small share,” the businesses stated in a press launch.

UPDATE (April 2, 2025, 20:10 UTC): Up to date with affirmation from HBAR Basis.