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, according to a new Reuters report.

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

The Depository Trust and Clearing Corporation (DTCC), the world’s largest securities settlement system, is pushing deeper into crypto with introducing a blockchain-based platform for tokenized collateral management.

Collateral is a fundamental part of risk management in financial markets, ensuring stability amid market fluctuations. However, traditional systems often suffer from inefficiencies due to fragmented infrastructure and lagging settlements.

DTCC said its new platform seeks to address these challenges by tokenizing collateral on blockchain rails, allowing for real-time transfers and automation through smart contracts, according to a Wednesday press release. The platform runs within DTCC’s AppChain ecosystem, which was developed on top of LF Decentralized Trust’s Besu blockchain.

Read more: Why Asset Tokenization Is Inevitable

«Collateral mobility is the ‘killer app’ for institutional use of blockchain,» Dan Doney, chief technology officer of DTCC Digital Assets, said in a statement. «By using smart contracts to automate the full range of collateral operations, we enable complex trade execution across markets in real-time at any time, even in volatile conditions.»

«This platform is unique in that we’ve created something that’s more open, flexible, dynamic, and comprehensive than any previous digital collateral initiative,» said Nadine Chakar, global head of DTCC Digital Assets.

The initiative comes as tokenization of traditional financial instruments such as bonds, funds and other traditional investments has become one of the hottest use cases for blockchain technology. Multiple financial heavyweights like BlackRock, CME Group and Fidelity have thrown their hat in the ring pursuing benefits such as operational efficiencies, speedier settlements and increased transparency compared to using traditional financial plumbing.

DTCC will showcase the platform’s capabilities at the «The Great Collateral Experiment» event on April 23, where industry participants will test how tokenized assets can be mobilized across markets. The company said it also plans to engage with regulators and industry leaders to establish global standards for tokenized collateral.

Galaxy Digital UK, the subsidiary of Mike Novogratz-led digital asset financial services firm’s application for a license to execute derivatives trading in the U.K. has been approved by the Financial Conduct Authority (FCA).

The firm’s Investment Banking arm will also use Galaxy Digital UK’s FCA authorization to provide capital raising and investment banking services, according to a statement on Wednesday. The Galaxy U.K. subsidiary will also support its asset management business with fund distribution activities.

Galaxy Digital UK is on the FCA’s investment firms register, which is for firms authorized to perform MiFID investment services or activities. Galaxy also joined the FCA’s crypto register in 2021.

“London is a critical financial hub, and this authorisation allows us to deepen our presence in the U.K., aligning with our mission to bridge traditional finance with the digital asset ecosystem,” Leon Marshall, CEO of Galaxy Europe and Global Head of Sales said.

The U.K. has attracted crypto companies like Coinbase, Bitpanda and most recently assigned BlackRock a slot on its crypto register.