The most widely used social networking site of Russia, VKontakte (VK) is preparing to unveil its cryptocurrency as per the media report published on 28th March. However, the final decision is yet to be taken.

VK is planning for the introduction its cryptocurrency and make the platform ready for blockchain based payment. So that the user can use the platform to make payments, according to the individual intimate with the firm has confirmed that the firm is planning to create separate crypto account for all the users of the network.

The source close to the firm has also said that the user can earn crypto by simply spending time on the social network. The payments will be made by transferring or converting the accumulated fund. Although the firm has not taken any final decision about the launch of the coin.

VK is a significant social network of Russia. It is having 97 million total users and exchanges 6.5 million messages per day. Pavel Durov developed this local competitor of Facebook. He has also helped in the establishment of Telegram, a popular platform for cryptocurrency lovers.

As per the official website of the company VKPay is a cashless cash exchange service that lets the user of the platform exchange money in between them using a credit card or charge cards. The payment system of the platform was launched in 2018.

VK is planning to introduce tipping services with a goal that the client can send digital currency to the creator of the post which they like. According to a survey made in 2017 VK will leave behind 42million clients in 2018. Presently the platform is the third prominent networking site of Russia.

Although the firm is facing some difficulty from the Russian government which has forced its developer to concentrate on Telegram, the Telegram has initially raised its fund through ICO. Here also he is facing difficulty as the national security of Iran considers it as a threat.

Meanwhile, Telegram is preparing to unveiling its blockchain network Tron by October this year so that their token contract does not face cancellation.

Meanwhile, Facebook is also preparing to introduce its cryptocurrency shortly. Some sources have also affirmed that the platform is reaching out to the exchanges to get their digital currency enlisted in their exchange. As per an analyst from Barclays, this move of the firm will earn them $1.9 billion.