Binance Debuts “Square”: A Monetizable Social Platform

Binance has rebranded its widely recognized crypto news feed platform, Binance Feed, into Binance Square. 

Launched in Oct. 2022, Binance Feed was initially designed as an interesting competitor to Twitter, giving users a clearer picture of the crypto market, including enhanced educational features that made learning and understanding digital assets easier. 

Binance CEO Changpeng Zhao (“CZ”), sees Binance Square as not just a platform but as an ethos – one of community-first and knowledge-sharing in the dynamic world of Web3. And numbers don’t lie; boasting over 10 million active monthly users and a tapestry of trending topics marked by over 30,000 hashtags, Binance Square’s footprint is undeniable.

“I’ve always believed that blockchain technology can help improve social platforms as we know them 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. Our goal at Binance is to continue innovating and finding meaningful ways to bring more beneficial blockchain and crypto use cases to life,” added CZ.

The social platform will continue to host trending topics from within the crypto and Web3 ecosystem, in addition to adopting user-driven content. With more than 170 media partners, 11,500 KOLs, and 90 projects currently on the platform as of Sept. 30, Binance appears to be strategically positioning itself to build a robust social platform that is geared for the future. 

Today, a vast segment of Binance’s user community not only absorbs information but also creates it; they have the tools at their fingertips to initiate, shape, and lead vibrant dialogues permeating the platform.

“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.”

Yet, the changes don’t end at mere dialogue. Binance Square is also dipping its toes into groundbreaking financial tools tailored to its community. Creators on the platform now have the luxury of a unique tipping system, a gesture of gratitude from their audience. 

Binance and CZ have been immersed in active litigation from an SEC lawsuit filed in June, accusing Binance of unlawfully listing unregistered securities for U.S. investors.

Editor’s note: This article was written by an nft now staff member in collaboration with OpenAI’s GPT-4.