The HBAR Foundation has teamed up with the founder of internet subscription site OnlyFans, Tim Stokely, in a bid to acquire Chinese social media app TikTok.

Stokely and the HBAR Foundation submitted a bid last week to the White House through the former’s new family-friendly crowdfunding company, Zoop.

"Our bid for TikTok isn't just about changing ownership, it's about creating a new paradigm where both creators and their communities benefit directly from the value they generate," Zoop co-founder RJ Phillips told Reuters.

The HBAR Foundation is the entity behind Hedera (HBAR), a proof-of-stake smart contract platform that launched in 2018. With a market capitalization of $7.2 billion, HBAR is the 22nd-largest cryptocurrency in existence as of press time. The coin only reacted mildly to the news and is up 1.5% in the last 24 hours.

The duo’s bid for TikTok isn’t the only one on the market. Online retailing giant Amazon (AMZN) is also looking to acquire the platform, according to The New York Times.

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