TL;DR: Boost VC backed social-media platform Flote.app announced acquisition of Patreon alternative Bitbacker.io. “We believe that this acquisition will be a monumental step forward in creating an ecosystem that values and rewards creativity in all forms,” its press release stressed.
Bitbacker.io Acquired by Flote.app
Unveiled at the end of 2018, Bitbacker.io was considered a potentially viable alternative to Patreon, a social media site claiming to share revenue with content creators. Some very well publicized bouts with Patreon deplatforming later, and the Bitbacker idea took on greater importance. That, and it offered a cryptocurrency payment option, which meant another theoretical buffer against censorship.
“If you have been paying attention to the news or using social media lately,” Flote.app explained, “restrictions of the free-flow of speech online has been escalating at an unprecedented rate. The rules concerning what is ‘acceptable content’ seem to change on a whim, culminating in creators being stripped of ad revenue, or even blindsided by bans or suspensions, effectively destroying their ability to receive proper compensation for their hard work.”
Indeed, popular creators such as Dave Rubin and Jordan Peterson abandoned Patreon altogether, leaving a lot of money on the table out of both principle and disgust. The company’s policy seemed to follow certain agendas, and were thought to be unfairly applied. “Bitbacker’s platform enables content creators to better engage with their communities by providing subscription and tipping services,” Flote.app insisted.
The deal, however, has yet to formally close, and both Bitbacker and Flote are vowing “a full migration” between the two “in the coming months after Flote goes live.” The announcement alludes to the project getting backing from Boost VC — at press time, CoinSpice was unable to confirm their involvement. Reaction, so far, is cautiously hopeful. “This sounds promising,” a commenter noted. “I love the idea of bit backer, but the user experience needs a lot of improvement. It looks like you guys are up to the task, good luck! There’s a ton of potential here if you do it right.”
DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.
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