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VKontakte (VK), the most popular social media platform in Russia announced they are looking into developing their own cryptocurrency according to the local crypto news outlet RNS reports since two days ago.

The report shows that a person involved with the policies of the company told the news source that VK is planning on developing multiple projects that involve creating an individual cryptocurrency account for each user of the platform. However, the article states that the company has not made a final and official decision about whether launching the coin will actually happen and if it does when we could expect it.

The RNS news source obtained a presentation from the social media platform where it can be seen that one of the ways users can obtain a token from the company is in exchange for their time spent on the platform. The article goes on to explain that each coin earned this way could later be transferred between users or exchanged for goods. Of course, the coin will likely be possible to store and convert for fiat currency via the VK Pay platform.

VK Pay’s official website says they are a cashless money transfer service that allows all of the VK users to send each other money via messaging by using a credit or debit card. RNS writes that this service was initially launched in June 2018. According to the report, VK also has plans to integrate a tipping service so that each user can send the VK cryptocurrency to the authors of the posts they like.

In a 2017 research by the market research company eMarketer, predicted that VK would surpass 42 million users in Russia before 2018 ends. VK is ranked as the third most popular social media platform in Russia. VK’s founder Pavel Durov who is also a co-founder of the privacy-oriented messaging service Telegram is one of the most well-known crypto enthusiasts.

Back in February, there were rumors that Telegram also aims to launch its own blockchain network by the end of October this year after announcing their plan to hold a public ICO which didn’t happen since the company managed to raise $1.7 billion in a private token sale.