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Users, Creators Can Soon Earn Money In New Binance Square Social Platform

Photo for the Article - Users, Creators Can Soon Earn Money In New Binance Square Social Platform
  • Binance has rebranded its Binance Feed platform to Binance Square, transforming it into a social platform where registered users can create content and participate in community discussions.
  • Binance Square will introduce monetization features for creators, including tipping options and an affiliate commission program.
  • The platform aims to be a hub for the latest trends in web3, with over 10 million monthly active users and numerous media partners and influencers as of September 2023.

The global cryptocurrency firm Binance has rebranded “Binance Feed” to Binance Square. The platform has also been transformed into a social platform where registered Binance users can create and share content, and participate in community discussions.

Binance Feed Rebranding

Binance said it rebranded “Feed” to reflect its evolution from a content aggregator to a social platform with user-generated content. Registered users can create content and participate in discussions.

The press release stated that Binance Square will also introduce unique monetization features that benefit both users and creators. Creators can be rewarded for their content contributions through a tipping option, users can earn incentives through crypto boxes, and there is also an affiliate commission program. 

In a statement, the firm stressed that Binance Square is committed to building a robust social platform that is geared for the future, and more monetization features and product enhancements are planned for release in the near future.

“Binance Square has always been about building a community-first social platform, and today’s announcement is a step in the right direction. We have built an accessible and inclusive platform for knowledge sharing within the Web3 and crypto space, and are excited to have more people join us. Many people, including myself, are already on the platform to engage in some of the most important discussions in Web3,”  Changpeng Zhao (CZ), CEO and Founder of Binance, stated. 

What is Binance Square?

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The firm stated that it is a social platform that aims to be the go-to place for the latest trends in Web3. The platform displays a range of content from crypto experts, enthusiasts, and media sources as it goes live. Besides supporting news, the platform also facilitates communication between content creators and followers.

Binance Square initially launched in October 2022 as a content aggregation platform. It has since evolved into a social platform with integrated content creation and monetization features.

Binance also shared that the platform hosts trending topics from the crypto and Web3 ecosystem, with over 30,000 hashtags used to date. It has also amassed over 10 million monthly active users across its web and app versions within the span of a year.

The firm remarked that Binance Square is a platform where thought leaders, media organizations, influencers, projects, developers, and fellow crypto enthusiasts can convene to meaningfully engage with the latest news, trends, and issues.

According to Binance, the platform has more than 170 media partners, 11,500 key opinion leaders, and 90 projects as of September 30, 2023.

“I’ve always believed that blockchain technology can help improve social platforms as we know it today. Binance Square is an early but promising example of that. This is just the beginning of what blockchain-based social platforms can bring to people and creators, and more can be done to find solutions to issues like spam, fraud and authentication,” CZ said.

CZ also emphasized that Binance’s goal is to continue innovating and finding meaningful ways to implement more beneficial blockchain and crypto use cases.

Recent Binance News

Recently, Binance will be exiting its operations in Russia and has sold its Russian business to local exchange CommEx. The move is due to Binance’s compliance strategy not aligning with Russian regulations. The off-boarding process will take up to a year, with a focus on ensuring a smooth transition for users. 

Last month, Rachel Conlan was promoted to Chief Marketing Officer (CMO) where she will lead global and regional teams, launch new campaigns, expand partnerships with online influencers, and contribute to crypto education and mainstream adoption efforts.

Moreover, in September, Binance Charity found that 29% of their survey’s respondents have used cryptocurrencies for charitable donations. The survey emphasized factors influencing charitable giving decisions, including transparency, the cause, and impact. 

This article is published on BitPinas: Binance Square: New Binance Feed w/ User-Generated Content

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