Russian social media giant VK plans to launch its own cryptocurrency

Date: 2019-04-01   Author: Pankaj Singh  Category: #news

Russian social media giant VK plans to launch its own cryptocurrency

VK is currently third most popular website in Russia along with being a top social media platform.

VKontakte (VK), the most prevalent social media website in Russia, has been planning to develop its own cryptocurrency. According to reliable sources, the project involves creating cryptocurrency accounts for all the users of the platform. The company has not made any final decision yet whether to launch the coin or not.

According to Yahoo, a presentation has been obtained from the VK showing one of the ways for users to obtain the firm’s tokens in return for their activeness and time spent on the platform. The coins received this way can be collected and transferred between the users, traded for goods and converted via VK Pay.

For the record, VK Pay is a cashless system to transfer money by which VK users will be able to send money to one another, using a credit or debit card, in messages. The service was launched last year in June. VK has also planned to add a tipping service to send the bespoke cryptocurrency to the authors of posts that they like.

According to reliable sources, it was forecasted that VK will exceed 42 million users in Russia before 2018. VK is currently the third most popular website in Russia along with being a top social media platform.

For the record, Pavel Durov, founder of VK, is also the co-founder of Telegram, which is popular in the ranks of cryptocurrency enthusiasts.

There were rumors that Telegram has to launch TON, its own blockchain network, by October this year to keep from cancelling its token contracts. The company had planned to hold a public initial coin offering earlier but reconsidered after receiving huge fund worth $1.7 billion in its private two private token sales.

Reportedly, Facebook has also been expecting to succeed with its highly secretive project to create proprietary stablecoin that will allow its 2 billion users to transfer value to each other.



About Author


Pankaj Singh linkdin-boxtwitter

Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

Read More

Post Recommendents

Intelligent Process Automation(IPA) Market Covid-19 Impact In-Depth Industry Analysis 2026

Author: Ashwin Naphade

The research report on Intelligent Process Automation(IPA) market offers critical information such as the development trends, restraints, CAGR, revenue prospects, product type, application scope, competitive scenario, and COVID-19 impact.

<...


Passive Optical LAN (POL) market players to make profitable investments during 2021-2026

Author: Ashwin Naphade

Global Passive Optical LAN (POL) Market Report provides complete industry analysis, market outlook, size, growth, opportunities and forecast 2026. This report will assist in analyzing the current and future business trends, sales and revenue forec...


Research on Intelligent Machine Control System Market 2021: By Growing Rate, Type, Applications, Geographical Regions, and Forecast to 2026

Author: Ashwin Naphade

Intelligent Machine Control System market report is a comprehensive analysis of the growth dynamics and revenue inflows in this industry sphere over 2021-2026, inclusive of Covid-19 impact.

The latest research report on Intelligent Machi...