Binance rebrands feed feature as Binance Square, a social platform with monetization tools

Binance has rebranded its content material aggregator platform, Binance Feed, to a user-generated social platform dubbed Binance Sq., in accordance with an Oct. 12 press assertion shared with CryptoSlate.

The transformation ushers in a Twitter-like expertise with distinctive monetization options, corresponding to a tipping possibility for content material creators and an affiliate fee program.

Binance Sq. will permit customers to point out appreciation to content material creators by a tipping possibility. An affiliate fee program has additionally been launched, with additional monetization enhancements on the horizon.

Commenting on this strategic shift, Binance CEO Changpeng Zhao (CZ) emphasised that this rebranding aligns with the agency’s dedication to constructing a community-focused social platform.

CZ defined, “Binance Sq. has at all times been about constructing a community-first social platform,” highlighting the platform’s accessibility and inclusivity for people to have interaction and share insights within the crypto and Web3 house.

Binance Sq. has 10 million energetic month-to-month customers

The alternate informed CryptoSlate that Binance Sq. has quickly garnered over 10 million month-to-month energetic customers, together with the alternate CEO. This numerous consumer base encompasses 170 media companions, 11,500 key opinion leaders, and 90 tasks, showcasing spectacular progress in only one 12 months.

Since its inception, it has fostered over 30,000 hashtags associated to crypto and Web3 matters.

In the meantime, Binance’s current foray into social media platforms isn’t fully shocking, contemplating the alternate was an equity investor in billionaire tech entrepreneur Elon Musk’s acquisition of the microblogging platform Twitter.

Apart from that, CZ has persistently touted the potential of blockchain know-how in enhancing social platforms. He stated the know-how can assist handle spam, fraud, and authentication points.

Not too long ago, there was an elevated demand for blockchain-based social media platforms following the challenges facing conventional media companies. This has resulted within the growth of notable decentralized social protocols like Good friend.Tech, Stars Enviornment, and a bunch of others.