Spanish Facebook Rival Taringa Is Sold to Smart Contract Dev RSK

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A subsidiary of Argentinian smart contract platform RSK has purchased Latin America’s social media giant Taringa, gaining exposure to 30 million users.

RSK-powered rewards for content on Taringa

IOVlabs, a startup dedicated to the development of the RSK smart contract network, is already building a crypto-powered incentivizing program for sharing content on the platform, as reported by Cointelegraph en Español on Sept. 27.

Specifically, Taringa will purportedly reward users for active participation in its communities with IOVLabs’ RIF token (RIF), a crypto token operating on the RSK Smart Bitcoin platform. At press time, RIF’s market cap accounts for over $49 million, while the token’s price is up about 0.5% over the past 24 hours, according to Coin360.

Latin America loves Bitcoin 

Buenos Aires-based Taringa is a major Latin American social network project, having a presence in every part of the Spanish-speaking world, including Argentina, Spain, Colombia, Chile, Peru and the United States’ Spanish speaking community. At press time, nearly 40% of Taringa’s traffic comes from Argentina, according to traffic stats tracker SimilarWeb.

Diego Gutierrez Zaldivar, CEO at IOVLabs, pointed out the promising perspectives of the new acquisition, stressing the positive stance of Latin American countries towards crypto in an interview with Forbes. He said:

“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 […] 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.”

Taringa and crypto

Meanwhile, Taringa is also known for its crypto-related initiatives so far. In July 2019, Taringa partnered with Ethereum-powered decentralized autonomous organization MakerDAO and e-wallet Airtm to launch a rewards system based on MakerDAO’s stablecoin Dai (DAI).