Another Social Media Giant Enters the Crypto Industry, Is Widespread Adoption Imminent?

There’s no question that the crypto industry has been growing by leaps and bounds over the past year, regardless of persisting bear trend that has sent overall market sentiment towards rock bottom.

One indication of this growth has been the large and growing trend of social media giants entering the industry, and because social media companies operate on the forefront of the general public, their quickness to adopt crypto may signal a bigger trend of growing mainstream adoption.

Report: Russian Social Media Giant VKontakte (VK) Developing Own Crypto

According to a recent report from Russian news outlet RNS, VKontakte (VK) – which is the most popular social media platform in Russia – is in the process of developing their own cryptocurrency, which will be placed directly before all of the site’s nearly 100 million active monthly users.

According to an unnamed source familiar with the company’s plans, the final decision on whether or not to launch the crypto has not yet been made, but if they do move forward with their plans, the current configuration of the project entails having a crypto account created for each individual user’s account on the site.

“According to [the unnamed source], the current configuration of the project involves the creation of individual accounts for the accumulation of cryptocurrency to all users of the social network,” the report explains.

The addition of the new crypto will also add a host of new features to the platform that allows users to easily monetize content, as users will be able to receive the crypto for publishing interesting content, and for receiving likes, comments, and reposts.

It is important to note that VK has not yet confirmed or denied the rumors regarding this new crypto product.

Growing Trend of Social Media Companies Turning to Crypto 

VK certainly isn’t the first social media company to turn towards crypto in order to enhance user’s experiences, and their decision to possibly release a cryptocurrency comes on the heels of news regarding US-based social media giant, Facebook, working to develop its own cryptocurrency.

The Facebook crypto will be a coin associated with WhatsApp, which would allow users to facilitate nearly instant transfers between users, but information regarding this project is scarce.

Other major companies, including Telegram and Signal, have also forayed into the crypto industry, with Telegram making headlines throughout the past year regarding the messaging platform’s highly coveted and publicized Initial Coin Offering (ICO).

Because the success of social media is based entirely off of user experience, it is clear that the respective companies believe that the public is ready to begin heavily interacting with cryptocurrencies, which may signal that widespread adoption is right around the corner.

Featured image from Shutterstock.

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