Russian Social Media Giant VKontakte Looking to Launch its Own Cryptocurrency

The largest and most popular social media network of Russia, VKontakte (VK) is apparently thinking of creating its own cryptocurrency, According to the news reported on March 28. However, the final decision has not yet been taken by the company whether to launch its own cryptocurrency coin or not.

According to the report, a person close with the plan of the firm revealed that the project basically aims at creating separate cryptocurrency accounts for all the users of the network. Social media network of Russia; VK is considering to introduce its own crypto coin and use its platform to make blockchain based payments to allow users to receive crypto via the website.

Reports say that RNS got a presentation from the VK firm which mentions how a user might be able to gain the crypto-coin of the company by spending some time on the social network. The crypto coins that the user had gathered could be later transferred between the users exchanged for products and converted for payments through VK Pay.

VK Pay was launched by the firm in June 2018, and it is the only payment system of VK. VK Pay is a cashless money transfer service that will allow the users of VK to send money to other users in the message by using credit or debit card.

VKontakte is the popular giant social media platform of Russia, the firm has more than 97 million active users on their site every month and nearly 6.5 million messages every day are exchanged. As a local opponent to Facebook, the firm was established by Pavel Durov.

Reports also suggest that the firm is trying to combine a tripling service which will allow users to send the bespoke cryptocurrency to the posts of an author which they like.

However, Facebook is itself going to introduce its own cryptocurrency in the days to come, and few say that Facebook is getting in touch with the cryptocurrency exchange to include their token on the list over their platform.

The firm was facing some issues with the Russian government, from then onwards Durov stopped working with VK and has developed a popular privacy-centric app, Telegram which is a messaging app. Telegram had initially raised funds through initial coin offering (ICO). However, the fundraiser has been considered as a threat to national security by Iran.

In 2017, Market research company eMarketer had predicted that VK could cross more than 42 million users in Russia before 2018. VK is not only the top social media network but also ranked as the third most popular social media site in Russia, as per reports.

It’s important to know that the messaging app Telegram, had raised more than $1 billion via a private ICO, it had thought of making the fundraiser public but eventually cancelled the plan to do so in the month of May 2018.

Meanwhile, in the month of February, small talks were going around that Telegram should launch its own blockchain network, TON by October 2019 to avoid cancelling its token contracts.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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