Main navigation

“Russian Facebook” Mulls Hitting the Market with Its Own Crypto

Fri, 03/29/2019 - 13:46
article image
Alex Dovbnya
Popular Russian social network VKontakte (VK for short) is considering the launch of a cryptocurrency as reported by Russian media
“Russian Facebook” Mulls Hitting the Market with Its Own Crypto
Cover image via U.Today
Read U.TODAY on
Google News

The other day, a Russian news platform, RNS, reported that VKontakte, which is often called ‘Russian Facebook’, is planning to release a virtual coin, but the decision is not final yet.

Crypto rewards on the social media platform

VKontakte is reportedly planning to launch a system of rewards for its users. The rewards would be paid in the newly-created crypto coin. Users would also be able to earn these tokens by doing various activities on the social media platform.

The coins will also be used for purchasing sticker packs, virtual gifts or for sharing with other users via VK Pay – the platform for electronic payments developed by VK, which was released last summer.

Part of the plan is also to let users donate the new “VK coin” to the writers of the content they like to thank or encourage them to write more of it or earn tokens for leaving comments under certain posts.

No comments have followed from VK itself on that yet.

Forbes: Telegram ICO Creator Makes Russia Look Good for the Crypto Industry

Telegram’s Pavel Durov and VKontakte

VKontakte was created by Pavel Durov, the founder of the Telegram messaging app, which conducted a closed ICO last year, aiming at creating its own decentralized crypto platform, TON, with a GRAM token circulating on it.

Later on, due to disagreements with Russian government, when the latter required Durov to share personal data of politically opposed users and Durov refused, he was forced to sell his share in VK and leave the country.

Later on, he founded the Telegram app.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at