Binance rebrands feed feature as Binance Square, a social platform with monetization tools
Binance CEO Changpeng Zhao said blockchain technology can help to enhance social platforms.
Binance has rebranded its content aggregator platform, Binance Feed, to a user-generated social platform dubbed Binance Square, according to an Oct. 12 press statement shared with CryptoSlate.
The transformation ushers in a Twitter-like experience with unique monetization features, such as a tipping option for content creators and an affiliate commission program.
Binance Square will allow users to show appreciation to content creators through a tipping option. An affiliate commission program has also been introduced, with further monetization enhancements on the horizon.
Commenting on this strategic shift, Binance CEO Changpeng Zhao (CZ) emphasized that this rebranding aligns with the firm’s commitment to building a community-focused social platform.
CZ explained, “Binance Square has always been about building a community-first social platform,” highlighting the platform’s accessibility and inclusivity for individuals to engage and share insights in the crypto and Web3 space.
Binance Square has 10 million active monthly users
The exchange told CryptoSlate that Binance Square has rapidly garnered over 10 million monthly active users, including the exchange CEO. This diverse user base encompasses 170 media partners, 11,500 key opinion leaders, and 90 projects, showcasing impressive growth in just one year.
Since its inception, it has fostered over 30,000 hashtags related to crypto and Web3 topics.
Meanwhile, Binance’s recent foray into social media platforms is not entirely surprising, considering the exchange was an equity investor in billionaire tech entrepreneur Elon Musk’s acquisition of the microblogging platform Twitter.
Besides that, CZ has consistently touted the potential of blockchain technology in enhancing social platforms. He said the technology can help address spam, fraud, and authentication issues.
Recently, there has been an increased demand for blockchain-based social media platforms following the challenges facing traditional media firms. This has resulted in the growth of notable decentralized social protocols like Friend.Tech, Stars Arena, and a host of others.