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.