The largest social media platform from Russia Vkontakte (VK) that we previously discussed in our altcoin news officially has launched a currency for internal use dubbed VK Coin.
The interesting thing about it is that the coin can be mined according to state-owned media outlet Tass reports.
The decision comes a week later after the social media platform announced they are considering this idea. The official information that can be found on the official website, doesn’t say that the coin is based on blockchain technology. It does, however, say that users can mine the coin via the platform’s services.
A mobile clicker app will be used to operate with the service. A game-like app will let users earn the internal currency which can be later sent to other users. The coin can also be used to compete for a winners list based on how many VK coins a user has. The service will be available for Android and iOS users.
The internal payment service VK Pay stated that the VK Coin users can exchange their coins for other services offered by the platform such as discounts. As of today, about 4 million users mined the VK Coin and the richest one of all mined more than 890 million coins.
Russian local media outlet TJ stated that VK Coin users now are able to exchange their coins for fiat currencies or other services. VK didn’t comment on whether the new coin will ever relate to cryptocurrency or blockchain. They also said they will not comment on rumors.
A couple of weeks ago, DC Forecasts reported that VK was considering developing its own cryptocurrency with similar features as the VK Coin. In the meantime, another social media giant Facebook stated that they are also considering launching a cryptocurrency.
Facebook has been developing its own cryptocurrency since December 2018. The New York Times even reported that the social media giant is working on a top secret crypto project which is probably about launching a stablecoin.
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The new stablecoin will incorporate Facebook Messenger, Instagram, and Whatsapp.
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