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Report: VK Eyes to Launch a Crypto of its Own

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According to reports by RNS (local news outlet) dated March 28, one of the most popular social media giants in Russia, VK Eyes (VKontakte) have plans of establishing its own cryptocurrency. As per one of the sources with the knowledge of this plan, the project involves the creation of individual cryptocurrency accounts for all platform users. However, as of now, there is no final confirmation from the organization stating about the launch of the coin.

Reports further state that VK has given a presentation to RNS which essentially describes methods by which users would be able to attain this token in exchange for their presence and time spent on the platform. The report also mentions that the coins attained by the users this way can be accumulated, exchanged for goods as well as converted into fiat currency through VK Pay.

According to VK Pay’s official website, VK Pay is a service which provides cashless money transfers and enables the platform users to send money to each other through messages with via debit/credit cards. RNS reports that this service was floated in the previous year (June). Reports also claim that VK has intentions of integrating a tipping service which will permanently enable users to send cryptos to the various authors whose posts they like.

Previously, in the year 2017, eMarketer (Market research Company) predicted that the social media giant VK would have a user base of over 42 million before 2018. Vk is the top social media platform and is also ranked the third most popular website in Russia by Alexa. Pavel Durov is the founder of VK. He was also the co-founder of Telegram. He is also known to be a crypto enthusiast.

In the month of February, there was a widespread rumor that Telegram will be floating its own blockchain network called TON this year to keep from voiding its token contracts. In the past, VK also has intentions of holding a public ICO (Initial coin offering) but did not go ahead with the plan once they got funds – $1.7 billion – in its private token sales. In the month of February 2019, an article published in the New York Times claimed that Facebook is “hoping to succeed where Bitcoin failed” with its secret crypto project.

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