Russian social media platform may launch its own cryptocurrency

Tuesday 2 April 2019 00:25 CET | News

Vkontakte, a Russian social media platform, has been working on developing its own cryptocurrency, Crypto Slate cited RNS, a Russian news outlet.

RNS claims to be in possession of a document revealing the corporation’s plan to reward users for their time and activity on the social media platform using tokens. Users will be able to reward content creators with the cryptocurrency while liking their posts.

Vkontakte’s plan involves the creation of cryptocurrency wallets for its 50 million users on the social media platform. Should the cryptocurrency project be approved, Vkontakte users will also be able to transfer cryptocurrency to other users as well as make payments for goods and services purchased online.

In June 2018, Vkontakte launched VK Pay in collaboration with Gazprombank. VK Pay is a payment system integrated into the Vkontakte platform to enable users to transfer funds to each other and make online payments.

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Keywords: VKontakte, Russia, social media, cryptocurrency, crypto wallet
Countries: World