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Local Report: Russian Social Media Platform VK Considering Launching its own Cryptocurrency

March 29, 2019


Local Report: Russian Social Media Platform VK Considering Launching its own Cryptocurrency

Vkontakte (VK), the most popular social media platform in Russia, is reportedly considering developing its own cryptocurrency. This news comes according to a report by local news outlet RSN yesterday.

According to the report, an unnamed source familiar with the company’s alleged plans told RSN that the project would involve the creation of individual cryptocurrency accounts for each and every user on the platform. However, the article notes that the company has not finalized any decisions about whether to move forward with the idea or not.

In the report, RNS claimed to have obtained a presentation from VK that shows that users would be able to earn the platform’s tokens by being active on VK, including how much time they spend on the site. The coins native to VK could be sent between users, exchanged for goods, simply accumulated, or converted into fiat currency via VK Pay, per the report. Additionally, VK is said to be exploring integrating a tipping feature so that users would be able to send VK crypto to the platform to authors of posts they enjoyed or supported — an idea that has long been proposed in the crypto space, and attempted in some form by companies like SteemIt and Reddcoin.

VK’s website describes VK Pay as a cashless money transfer service that lets users send money to one another within messages using a credit or debit card, not unlike a feature in the popular Chinese social app, WeChat. RNS notes that the service was launched last June.

VK is the third most popular website in Russia, according to Notably, VK’s founder, Pavel Durov, also co-founded the privacy-focused messaging platform Telegram, which is used by just about every crypto company to engage with its users and release updates.

Last month, Cryptos reported that Facebook was developing its own cryptocurrency, as per a New York Times report.