Last Thursday

Established in 2006, and with over 500 Million accounts, VKontakte is the ninth most visited website in the world according to SimilarWeb.

Users of the Russian social media network, based on the amount of time they spend on the VKontakte’s platform, will receive tokens. Tokens earned this way could be transferred between users, to purchase goods and potentially be converted to cash via VK Pay. VK Pay is a money transfer service that lets VK users send money to each other in messages, using a credit or debit card. 

This format is similar to Facebook’s plans for Facecoin, which is reported to be launching later this year in India on WhatsApp, and follows Line, Japan’s largest social media platform, which is using Digital Assets.

VKontake’s co-founder Pavel Durov also founded Telegram, which raised over $1.8 Billion in 2018 and is reported to be worth over $2.7 Billion personally.

These massive social media firms in three different continents are all using a potent cocktail of gamification and loyalty programs to incentivise and reward their customers for spending more time on their platforms. They presumably will be collecting information on what the tokens are being used to purchase and sell this valuable consumer data to advertisers.

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https://www.cryptonewsz.com/russian-social-medi...ncy/13472/

2 Months Ago

 Facebook has bought a Blockchain company that was founded by University College of London researchers who specialize in Smart Contracts. 

The deal is rumored to have been driven to help Facebook secure talent in this highly competitive blockchain sector as opposed to buying a profitable business. Facebook on 21/12/18 announced that it was looking at launching its own Cryptocurrency to run via WhatsApp and to initially be launched in India. Facebook as at the end of 2018 was sitting on over $41billion in cash and with a stranglehold along with Google over digital online advertising it is in a very strong position to complete further deals in this rapidly developing sector.

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https://breakermag.com/facebooks-chainspace-acq...the-world/

A Month Ago

How ironic Facebook, who has made billions from controlling and selling data in a highly centralised way, is now looking at using Blockchain technology with it’s CEO Mark Zuckerberg  extolling the benefits of decentralised systems as a more secure way to login.

Amazingly Zuckerberg recently said, ‘If you have a fully distributed system, it dramatically empowers individuals.’

Blockchain offers individuals control over their data so they can share and potentially monetize it this taking control away from the current hand full of tech giants that provide “free” services while selling your data to advertisers.

Facebook seem to be more and more active in the Blockchain sector having bought Chainspace earlier this year and announced it was going to launch FaceCoin on WhatApp in India.


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https://www.ccn.com/facebook-crypto-mark-zucker...blockchain

4 Weeks Ago

No surprise that Facebook is launching Facecoin, as the West Coast tech giant looks to attack the rich powerful East Coast financial services market.

Barclays has based their analysis on Google who earn $6 per user on Google play, and with 3 billion Facebook users, Barclays thinks that $19 Billion of additional revenue is achievable.

Facebook is launching later this year after which no doubt they will roll out Facecoin in other jurisdictions very quickly, and with it, global reach to customers that could be anywhere.


Facebook generated 89% of its $40Billion revenue in 2017 from digital advertising. It has over 6 million business users, so it may be it will be corporate accounts that Facecoin will be targeting, cutting out the banks especially for any overseas payments from their clients.

If Facebook becomes a major provider of payments, as it is in messaging and social media, then it is likely to attract even more pressure for mega tech companies to be broken up!

In this lengthy post last week Facebook’s CEO Mark Zuckerberg didn’t mention Cryptocurrencies but did talk about payments and encryption on a number of occasions.

This announcement will not have been lost on other FANGs members – Apple, Netflix, and Google let alone Amazon, Alibaba, Tencent so watch this space for more branded digital assets dressed up as payment methods for their loyal customers…

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https://www.cnbc.com/2019/03/11/facebooks-crypt...-says.html

3 Months Ago

Fieldfisher corporate partner Tim Bird shares three predictions for tech deal-making in 2019.

The first prediction is that while blockchain will continue to mature in 2019, much of the attention previously fixed on this sector is likely to shift to the underlying infrastructure that enables cryptocurrency exchange.

The second prediction is that social media platforms will continue to move into fintech territory. For example, Facebook has grown its blockchain capability and confirmed rumors that it intends to launch its own cryptocurrency. However, Mr. Bird predicts that it will be a bumpy year ahead for the social media sector in general as global privacy policies and customer usage continue to move away from text-based sharing and content generation to more video and image-based experiences.

And the final prediction is that as demand for batteries is increasing due to mobile phones, electric cars, etc. and the amount of electricity needed to power blockchain technologies, a novel development could be the deeper integration of renewable energy into blockchain and cryptocurrency technologies in order to reduce the carbon footprint of these sectors.

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https://www.uktech.news/cybersecurity/three-pre...9-20190103


Co-founder of TeamBlockchain, Thomas Power with over 30 years of experience building online digital communities believes that it is just time before the FANGs - Facebook, Amazon, Netflix, Google start gobbling up the leading crypto players. Just like Dotcom, there will be a handful of winner form the 5,000 ICOs we have seen to date as they give way to the more compliant institutional friendly Security Tokens.

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Source: Why crypto will be eaten by Facebook, Google, Amazon and Apple