Russian social media platform Vkontakte may launch cryptocurrency, potential access for 50 million users

Vkontakte, a Russian social media platform and subsidiary of Mail.ru Group, is reportedly working on a cryptocurrency.

According to RNS, a Russian news outlet, Vkontakte's plan involves the creation of cryptocurrency wallets for its 50 million users on the social media platform.

Vkontakte becomes the second social media giant reported to be planning a native cryptocurrency for their platform.

RNS claims to be in possession of a document revealing the corporation's plan to reward users for their time and activity on the social media platform.

Should the cryptocurrency project be approved, Vkontakte users will also be able to transfer cryptocurrency to other users as well as make payments for goods and services purchased online.

Outside the cryptocurrency industry, there are a few social media applications that allow users to transfer fiat currencies and make instant online payments in a similar manner.

VK Pay is a payment system integrated into the Vkontakte platform to enable users to transfer funds to each other and make online payments.

At the time of its launch; the deputy management board chairman, Dmitry Zauers; mentioned that the VK Pay project was undertaken as a response to "The fast-changing market of financial services and growing needs of users." With increasing adoption and development in cryptocurrency and blockchain technology, the creation of a cryptocurrency payment system can be the corporation's way of staying competitive in the financial services sector and satisfying users interested in using cryptocurrencies.

The move to create a cryptocurrency reward system on the Vkontakte platform is expected to be welcomed by users.

If approved, the Vkontakte cryptocurrency payment system will get the over 50 million active users of the social media giant familiarized with cryptocurrency technology.