Russia’s Social Networking Giant VK Plans on Creating its Own Cryptocurrency

The emergence of cryptocurrency in social media platforms is one that we have played with in time past. A number of social media platforms have risen up to the task, as Facebook and Telegram are probably the most significant one; however, they are yet to clinch the deal to make this present-day dream a full reality.

Last year, Facebook announced its intention to create its own crypto coin that would be functional on the platform. However, the project is yet in the pipeline, making anticipating enthusiasts wonder if the theory is even possible Telegram announced in 2018 that it would be creating its own crypto coin that would be called TON. Alas, TON is yet to see the daylight until today. While it is understandable that breaking new grounds takes a lot of grit and brainwork, it also leaves a blank space to wonder if it is even possible to bring cryptocurrency into social networks.

Well, the Russia-based Vkontakte (VK) just brought a new ray of hope to the crypto-social media intersection as an insider confirmed that the social network has plans underway to create a crypto coin that would be used on the platform. Although the insider, who begged to remain anonymous, rightly stated that the platform is yet unsure as to whether or not to launch the coin, we are of high spirit hoping they do make the dream possible.

If launched, members of the platform will be given an account each, where they will be able to store coins earned from the platform. The insider disclosed that VK plan on issuing the digital coin based on the activity and amount of time a member spend on the platform. In essence, the longer you spend on the platform, the higher the amount of digital coin you will earn at the end of the day.

This is, in fact, good news to the millions of members who spend their time on the platform each day. It is no surprise that the platform boasts such a huge number of members as it happens to be the biggest social network in Russia. Statistics show that the platform boasts a total of 97 million monthly users who send over 6 billion messages daily and create about 1 billion Likes and 550 million video views every day.

The insider also disclosed that the digital coin earned can be accumulated and transferred between members just like every other crypto coin. In addition, the coin can be used to trade goods and, maybe, convertible to fiat currency.

Although this is just another feather to VK’s cap – seeing that it already has a huge network called VK Pay that focuses on money transfer services – it is a huge leap for the network and amazing news for crypto enthusiasts across the sphere. We will be sure to bring you more news on the project as soon as they are released.