In the latest release, a bitcoin smart contract startup RSK reveals that it acquired Spanish social media network Taringa which reportedly counts around 30 million users as well as over 1000 active online communities.

RSK Acquires Taringa

RSK is a subsidiary of IOVLabs whereas Taringa is one of the top social media companies in Latin America. RSK defines itself as “the first open-source, smart contract platform secured by the bitcoin network”. Following the acquisition deal, RSK can now access to 30 million users of Taringa. It further states that the Taringa users will be receiving rewards in crypto when the share content on the platform. Specifically, the reward will be given in the form of IOVLabs’s native token, RIF coin.

Per the reports, the RSK intends to grow its customer’s base by millions of new users alongside improving the quality of its platform. Concerning the partnership deal, Diego Gutierrez Zaldivar, CEO of IOVLabs, stated;

“Blockchain is a powerful technology, but it needs mass adoption to create meaningful value. This acquisition puts us at the forefront of adoption in distributed ledger technologies, Diego said. We see Taringa as the first step towards massive adoption of both RSK and RIF platforms.”

Interestingly, Taringa has launched in a similar year when Facebook launched, i.e 2004. The platform previously signed up with MakerDAI intending to launch a new crypto-focused community. Later Taringa by partnering with Xapo implemented a revenue distribution system in Bitcoin. Moreover, Matías Botbol, CEO of Taringa expresses his enthu towards the deal and said;

“We are very excited about joining forces with the creators of RIF and RSK, as we truly believe that our users and communities should benefit from the contributions they make to our social network,”

Nevertheless, the acquisition might encourage RSK technology to proceed with the new tools and features such as entering the space of “peer-to-peer exchange and a dapp marketplace” under the bandwagon of Taringa platform. RSK’s RIF token counts the market capitalization of $46 million and it was reported that the firm secured funding of 22000 bitcoins via a private sale last year.

With the serious scrutiny of the monetary system in countries like Argentina and Venezuela, the crypto enthusiasts need not explain why digital currencies could be the ultimate option. The CEO of IOVLabs this stance as;

“If you go to the first world and you start talking about bitcoin and decentralized platforms, you need to explain why. In Latin America, you don’t need to explain why,” said IOVLabs CEO Diego Gutierrez Zaldivar. “People understand why instantly, so they jump right into the how and who. It’s a different reaction. That’s exactly why we chose this social network.”

Image Source: RSK Twitter

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