Leading Russian Social Media Platform 'VK', Considering Developing Its Own Cryptocurrency.

Leading Russian Social Media Platform 'VK', Considering Developing Its Own Cryptocurrency.

2019-03-31 | Selina Mathew

Leading Russian Social Media Platform 'VK', Considering Developing Its Own Cryptocurrency.

In line with a recent news reported by native media ‘RNS’, renowned Russian social media platform named VK [VKontakte], is considering developing its own cryptocurrency.

According to the report, an anonymous person familiar with the company’s plans told the native outlet that the project involves the creation of individual crypto accounts for all the users of the platform. However, yet the article additionally claims that the firm has not yet made a final decision concerning whether or not or to launch the coin.

As per the report, RNS has acquired a presentation from the VK that shows how one of the ways in which users would be able to obtain the firm’s tokens is in exchange for their activeness and time period spent on the platform. In line with the article, the coins earned this way may be accumulated, transferred between users, exchanged for other products and converted presumably to fiat currency via VK Pay.

As per its official 'web-site', VK Pay is a cashless money transfer service that permits VK users transfer money to each another in messages employing a credit or debit card. According to RNS, the service was launched earlier in June 2018.

In line with the report, VK additionally plans to integrate a tipping service so as the users would be able to transfer the bespoke cryptocurrency to the authors of posts that they like.

eMarketer - Market research company 'forecasted' in 2017 that VK would surpass around 42 Mln users in Russia before 2018. Along-side being a prime social media platform, VK is presently ranked 3rd most popular web-site within Russia.

Moreover, VK’s founder ‘Pavel Durov’, who additionally co-founded the privacy-centric messaging service named ‘Telegram’, is also popular within the ranks of cryptocurrency enthusiasts.

Earlier in Feb., another new 'broke-out' that Telegram is expected to launch its own blockchain network, TON, by Oct. this year to keep from voiding its token contracts. Previously, the company planned to carry a public ICO [Initial Coin Offering], however reconsidered after receiving well endowed funds - around $1.7 Bln - in its 2 private token sales.

Even in March., a NYT article 'revealed' that Facebook is “hoping to succeed where Bitcoin [BTC] failed” with its extremely secretive cryptocurrency project.

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