Binance Introduces Social Platform Focused on Web3 Trends

Oct 13, 2023

Cryptocurrency exchange Binance has rebranded its social platform, formerly known as Binance Feed, to Binance Square.

The rebranding reflects the platform’s transformation from a content aggregator to a social platform focused on the latest trends in Web3, the company said in a Thursday (Oct. 12) blog post.

In addition to offering news updates, Binance Square serves as a communication hub for content creators and their followers, according to the post. Launched as a content aggregation platform in October 2022, it has since evolved to include features for content creation and monetization. Users can now access the full suite 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 said. Registered Binance users can participate in community discussions and create their own content on the platform.

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

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

Binance Square currently has more than 30,000 hashtags in use and more than 10 million monthly active users across web and app versions, according to the post. As of Sept. 30, it also includes more than 170 media partners, 11,500 key opinion leaders and 90 projects, the post said.

The platform aims to bring together media organisations, influencers, projects, developers and crypto enthusiasts to discuss news, trends and issues, the post said.

Binance added that all content on Binance Square is provided on an “as is” basis for informational purposes only, and should not be considered as financial advice.

Binance currently handles around half of all crypto trades when coins are directly bought and sold, according to data provider Kaiko. That share has declined from about 70% at the start of the year as the company has faced legal battles with regulators along with the decline in trading volume.

The company also currently shares the top spots in PYMNTS’ Provider Rankings of Cryptocurrency Apps and Provider Rankings of Cryptocurrency Wallets. In both rankings, Binance has achieved a perfect score of 100.