Cryptocurrencies opened the gates to an impressive business development opportunity and every day new companies large and small adapt their investment models to incorporate the use of blockchain technologies and acceptance of cryptocurrencies as mechanisms to promote their growth and efficiency.

Although Facebook announced its plans to create a stablecoin to facilitate payments among users, it seems that the social networking giant is not fast enough, as VKontakte, its main competitor in Russia, Ukraine, and the Baltic States not only announced similar plans but has already implemented them – and with great success.

According to an announcement on its official website (https://vk.com/pay)the VKontakte team developed its own cryptocurrency called VK Coin. It serves (for now) to cash its value for certain discounts or cash advances:

In the “Store,” VK Coin users will soon be able to
exchange their tokens with other users or for certain discounts.

VK explains that the cryptocurrency is only four days old,
but its success has been amazing. More than 4 million new miners at huge growth

They also revealed that the first VKCoin whale had amassed
890 million coins. The user has chosen to remain anonymous.

This May Seem Easy… But VK Still Has a Long Way to Go

Apparently, tokens are initially only redeemable within the Vkontakte ecosystem. There is no information about their availability for trading on any Exchange.

Pavel Durov

Vkontakte is a social network that was initially created by the Durov brothers in 2007. By January 2017, VK had an average of 400 million registered users and about 100 million accounts actively participating in the community.

After problems with the Russian government, the Durov
brothers sold the company and developed the Telegram instant messaging
application. Currently, the application handles an average of 15 Billion
messages per day.

Like VKontakte, Telegram is also developing its own Blockchain: “Telegram Open Network“. This project had the ICO with the highest revenue at the time, obtaining more than 1.7 billion dollars from private investors.


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