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The startup, run by Tim Stokely, founder of adult content social media site onlyfans, has partnered with the Cryptocurrency Foundation to submit a late-stage plan to acquire the short video app Tiktok by Chinese owners, the two said Wednesday.
The bid intentions were sent this week to the White House by Zoop, the new billionaire Stokeley company, and the HBAR Foundation, which manages the Treasury Department of Hedera Cryptocurrency Network.
While only fans are known primarily for porn, Zoop is mainstream and family-friendly, rewarding it by returning the majority of its revenue to those who post it on the site and driving users to engage.
“Our bid for Tiktok is not just about changing ownership, but creating a new paradigm that benefits directly from the value that both creators and the community generates,” Zoop co-founder RJ Phillips told Reuters.
The partners have worked with a consortium of investors, Phillips said. He refused to provide details of bids or investors supporting them.
On Wednesday, Amazon made a last-minute offer to buy Tiktok, The New York Times reported.
US President Donald Trump is scheduled to consider Tiktok’s proposal on Wednesday to determine the fate of the app used by 170 million Americans. The ordinance faces an April 5 deadline for selling Tiktok or facing a US ban on the US national security foundation, under US laws that took effect on January 19th.
The law passed last year with broad, bipartisan support, reflects concerns in Washington, with Tiktok’s ownership being seen by the Chinese government, which means Beijing can use the app to carry out an influential business with the US.
Tiktok supporters argue that the ban is illegally threatening to restrict access to foreign media in violation of the First Amendment of the US Constitution.
After taking office in January, Trump postponed the enforcement of the law until April 5th, giving him time to be a shepherd. He says deadlines can be extended further if necessary.
The Tiktok consultations have worked together on plans for the largest non-Chinese investors to raise clauses and win the app’s US business, Reuters reports.
Last month, Trump said his administration is in contact with four different groups on future deals in Tiktok.
In Tiktok’s closely monitored sales, the White House plays the role of an investment bank, with US Vice President JD Vance running the auction.
(Reporting from Anna Tong of San Francisco, edited by Kenneth Lee and Richard Chan)