Binance revamps its social platform to focus on Web3

The revamping reflects the platform’s transformation from a content aggregator to a social platform centred on the latest trends in Web3, the firm said in a blog post Thursday

Crypto currency exchange Binance has revamped its social platform, formerly called Binance Feed, to Binance Square.

The revamping reflects the platform’s transformation from a content aggregator to a social platform centred on the latest trends in Web3, the firm said in a blog post Thursday.

Additionally, offering news updates, Binance Square serves as a communication centre for content creators and their followers, as per the post. Introduced as a content aggregation platform in October last year, it has since grown to include features for content creation and monetization. Users can now access the full range of features on Binance Square by registering for a Binance account.

The introduction of user-generated content has made Binance Square a more inclusive and engaging social platform, the post added. Registered Binance users can engage in community discussions and create their own content on the platform.

Binance Square has also introduced monetization features for users as well as creators, according to the post. Creators can receive tips as a reward for their content contributions, users can get incentives via crypto boxes and there is an affiliate commission program.

Changpeng Zhao, Chief Executive Officer and founder of Binance, said in the release that Binance Square aims to be a community-first social platform that supports knowledge sharing within the Web3 and crypto space.

Binance Square presently has over 30,000 hashtags in use and over 10 million MAUs across web and app version, as per the post. As of September 30, it also includes over 170 media partners, 11,500 key opinion leaders and 90 projects, the post added.

The platform aims to bring together media organizations, influencers, projects, developers and crypto enthusiasts to discuss news, trends and issues, it added.

The crypto currency exchange said that all content on Binance Square is provided on an “as is” basis for informational purposes only, and should not be considered a financial advice.

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