Russia’s Largest Social Media Network VK Eyeing Crypto

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Russian news outlet RNS reported on Friday, March 28, 2019 that VK (short for VKontakte) is working on creating its own cryptocurrency, but the final decision on its launch has not yet been made.

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As of August 2018, VK had at least 500 million accounts and is ranked 15th (as of February 2019) in Alexa’s global Top 500 sites. It is the most popular website in Russia and according to SimilarWeb, VK is the 9th most visited website in the world.

A presentation, which ended up in the hands of editors at RNS, showed they are looking at options to create a utility token which would allow for the spending and earning of a cryptocurrency within the platform.  Members can accumulate tokens, transfer to other members, and exchange the tokens for tangible goods and converted via VK Pay.

More from RNS:

“Users will also be able to receive cryptocurrency for interesting publications on the social network: users, along with the likes, will be able to share the currency with the authors of publications, similarly – it could work with reposts and comments. The press service of “VKontakte” declined to comment.”

According to VKontakte, the number of active users of a social network per month is 97 million, users send 6.5 billion messages daily and make 1 billion Likes, the number of video views is 550 million per day.

Facebook also recently announced they are looking to launch a token for WhatsApp sometime in 2019.  The New York Times broke the story that Facebook is planning to launch its own cryptocurrency as early as the first half of this year.

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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