Leading Russian Social Media Plans to Develop Its Own Cryptocurrency

By Mary T. | April 1, 2019
Leading Russian Social Media Plans to Develop Its Own Cryptocurrency

VKontakte (VK), the most popular social media platform in Russia, is planning on launching its own cryptocurrency, according to the Local news media on March 28.

An anonymous source familiar with the company’s plan told the news outlet that while no final decision has been made regarding the subject, the project is likely to include having a personal cryptocurrency account for each and every users.  

Following the report, RNS get its hand on VK’s presentation on how customers can acquire the token with their activeness and time spent on the platform. With VK pay, the coin earned can then be used to transfer between users, exchange for goods or even convert into fiat.

VK is a cashless money transfer service, first launched last June, which allows customers to send money to each other via message using a credit or debit card.

In eMarketer’s forecast in 2017, VK’s users base would surpass the number 42 million. On the same note, aside from being a top social media platform, VK is also ranked the third most popular website in Russia.

Pavel Durov, the founder of VK and co-founder of Telegram, a privacy-centric message service, is one of the more prominent crypto enthusiasts.

Earlier this year, rumors spread that Telegram’s blockchain network TON is due to launch in October to keep from voiding its token deals.

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