Zoop and HBAR Foundation Team Up to Acquire TikTok from ByteDance

Hbar Foundation, the organization behind Hedra, a blockchain network that uses HBAR tokens as its native cryptocurrency, and Zoop, a startup founded by Tim Stokely, has reportedly partnered for the bid to acquire TikTok from ByteDance. TikTok is a widely used and popular short video application owned by ByteDance, a Chinese company.

ByteDance faces an April 5, 2025, deadline to sell TikTok’s U.S. operations to a non-Chinese buyer, or the app will be banned in the U.S. This stems from a 2024 law passed with bipartisan support, reflecting worries about data privacy and foreign influence. The deadline was initially set for January 19, 2025, but President Donald Trump delayed it to April 5 to allow for negotiations.

Multiple groups are now racing to buy TikTok’s U.S. operations as the deadline looms, just two days from 5th April 2025. Zoop co-founder RJ Phillips said, “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.”

They’re likely planning to use Hedera’s blockchain for features like cryptocurrency payments (HBAR tokens) for creators, leveraging the network’s speed and scalability.

With the use of Hedra’s blockchain, Zoop’s creative strategy has the potential to revolutionize how creators interact with these platforms and establish new guidelines for social media ownership. Will TikTok’s future in America depend on this collaboration?