Russian social media giant Vkontakte (VK) has launched an internal currency, VK Coin, that can be “mined,” local state-owned media outlet Tass reported on April 1.
The move follows recent reports this week that VK was launching a bespoke cryptocurrency. The official information provided on VK Coin, however, does not indicate that the coin is based on blockchain technology. It does, however, encourage users to “mine” the coin via VK’s services.
The service works via a mobile app clicker game that lets users earn the internal currency, send it to other users and compete for a top winners list, based on VK Coin holdings. The service is available for iOS and Android, according to Tass.
Generating 0.001 VK Coins on a default, the game lets users spend the coins to buy boosts that enable faster mining.
According to a post from VK’s internal payment service, VK Pay, VK Coin users will soon be able to exchange their coins for various services and discounts with external partners.
By April 5, VK Coin mining has been used by more than 4 millions users, while the richest user has mined over 890 million coins, VK Pay noted.
According to local media outlet TJ, VK Coin users have started exchanging their coins for fiat money or services, such as posting ads.