Russian Social Media Giant VKontakte Looking to Launch its Own Cryptocurrency

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

The most well-liked social media platform in Russia, VKontakte (VK), is considering developing its own cryptocurrency, native news outlet RNS rumored on 28th March.

Per the report, associate degree such-and-such person familiar in the company’s plans told the outlet that the project involves the creation of individual cryptocurrency accounts for all the users of the platform. Still, the article also claims that the firm has not however created a judicial decision concerning whether or not or to not launch the coin.

According to the report, RNS has acquired a presentation from the VK that shows however one among the ways in which users would be able to obtain the firm’s tokens is in exchange for his or her activeness and time spent on the platform. in line with the article, the coins earned this way could be accumulated, transferred between users, changed for exchanged for goods and converted (presumably to fiat currency) via VK Pay.

According to its official website, VK Pay may be a cashless money transfer service that lets VK users send cash to every different in messages employing a credit or open-end credit. in line with RNS, the service was launched in June last year.

Per the report, VK also plans to integrate a tipping service in order that users would even be able to send the customized cryptocurrency to the authors of posts that they like.

Market research company eMarketer forecasted in 2017 that VK would surpass 42 million users in Russia before 2018. Along with being a top social media platform, VK is currently ranked the third most popular website in Russia, according to Alexa.

Also in February, a New York Times article claimed that Facebook is “hoping to succeed where Bitcoin failed” with its highly secretive cryptocurrency project.

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