Russian social media giant VK is considering its own cryptocurrency

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VKontakte (VK), the most popular social media platform in Russia, is considering developing its own cryptocurrency, according to a March 28 report from the RNS local news platform.

According to the report, an unnamed person familiar with the company’s plans told the news platform that it intends to set up individual cryptocurrency accounts for all users of the platform. However, the article also states that the company has not made a final decision on whether or not to release the coin.

The report also indicates that VK has given a presentation to RNS. This was a way shown how users could get the tokens of the company. In the example, users could receive tokens in exchange for their activity and time on the platform. According to the article, the coins earned in this way could be collected, transferred back and forth between the users, exchanged for goods and probably converted into Fiat currency via VK Pay.

According to the official website, VK Pay is a cashless money transfer service. Through this, VK users can use a credit or debit card to send each other money via messages. According to RNS, the service was launched in June last year.

VK will also want to include a tip service so that users can send this cryptocurrency to the authors of posts they like.

The market research firm eMarketer predicted in 2017 that VK would grow to more than 42 million users in Russia before 2018. VK is not only one of the best social media platforms, but also the third most popular website in Russia, according to Alexa.

The founder of VK is Pavel Durov, who also co-founded the privacy-oriented messaging service Telegram. Among cryptocurrency fans, this messenger is very popular.

It was rumored in February that Telegram would release its own blockchain network called TON by October of this year so as not to break its token contracts. Previously, the company had planned to host a public ICO. However, the company then rescheduled as it raised $ 1.5 billion in its two private token sales.

In February, an article in the New York Times also said that with its still very secretive cryptocurrency project, Facebook hopes the platform will “succeed where Bitcoin has failed”.


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