According to a Russian magazine, an anonymous source said that the social network VKontakte is working on its own crypto.
It will apparently be possible for all users to create individual accounts and store the crypto as if the social were a wallet.
In June of last year, the social network VKontakte launched its commission-free payment system, VKPay, allowing users to purchase and pay for services within the platform and on partner websites such as OneTwoTrip, Liters, Kassir.ru, ShowGoGo, Grow Food and Delivery Club.
VKontakte can boast a solid and incredible base of over 97 million users per month and 6.5 billion messages per day, so it could really create a strong impact in the crypto world and take it to a level of further understanding, making users approach their crypto and, why not, also other cryptocurrencies in circulation.
Social networks love crypto
The Facebook announcement about creating and integrating crypto and maybe even creating its own stablecoin has caused other competitors in the same field to start evaluating the integration of crypto within their applications or even to create new proprietary ones based on other blockchains.
WhatsApp would also have decided to use a crypto wallet, Wuabit, accessible through an interface inserted directly into WhatsApp’s chat.
According to Ted Livingston, founder of Kik, Facebook’s goal is not so much to “just” overtake bitcoin’s competition as a cryptocurrency, but even to compete directly with the US dollar.