Overview
Two of Russia's most popular social networking platforms, Vkontakte (VK) and Odnoklassniki, have announced support for Bitcoin (BTC) and Bitcoin Cash (BCH) as payment methods for advertising clients. This strategic move aligns with growing global cryptocurrency adoption and offers new flexibility for businesses operating in Russia's digital ecosystem.
Key Developments:
- Payment Integration: Advertising clients can now settle invoices using BTC/BCH.
- Employee Benefits: Internal sources suggest plans to enable cryptocurrency payroll options.
- Processing Partner: Transactions are facilitated through BitPay, a leading U.S.-based crypto payment provider.
Platform Profiles
Vkontakte (VK)
- Launch: September 2006 (Saint Petersburg)
- User Base: 460+ million accounts (as of 2017)
Global Reach:
1 in Russia (Alexa rankings)
- Top 3 in Belarus/Kazakhstan
- Popular across Estonia, Kyrgyzstan, Moldova
- Founder: Pavel Durov (also created Telegram)
Odnoklassniki ("Classmates")
- User Base: ~200 million
- Primary Markets: Russia, Uzbekistan, Georgia
Both platforms are owned by Mail.Ru Group, Russia's largest internet conglomerate, which also controls payment provider Qiwi (handling $17.2M in wallets).
Technical Implementation
Payment Flow
- Advertisers select BTC/BCH at checkout
Transactions processed via BitPay
- Supports Visa prepaid Bitcoin cards
- Partners include Amazon, Aliant
- EUR compatibility through Wave Crest Holdings
Corporate Statement
"Mail.Ru Group expands the use of two popular cryptocurrencies: Bitcoin and Bitcoin Cash. We've introduced a convenient settlement method for crypto-based businesses."
– Official Press Release
Regulatory Context
Russia recently initiated cryptocurrency trading regulations and explores a national digital currency to mitigate sanctions linked to geopolitical tensions.
FAQ Section
1. Which cryptocurrencies are accepted?
Bitcoin (BTC) and Bitcoin Cash (BCH).
2. Can users pay with crypto for premium features?
Currently limited to advertising payments; employee crypto payrolls are under development.
3. How does BitPay ensure transaction security?
BitPay uses multi-signature wallets and complies with PCI DSS standards for payment processing.
4. Are there geographic restrictions?
Available globally where BitPay/VK services operate, excluding sanctioned regions.
5. Will Mail.Ru Group add more cryptocurrencies?
No official announcements yet, but industry trends suggest potential expansions.
👉 Discover how Bitcoin transforms digital payments
Market Implications
This adoption signals Russia's shifting stance on cryptocurrency utility despite regulatory caution. Analysts highlight:
- Business Advantage: Advertisers gain cross-border payment efficiency.
- Adoption Momentum: Follows similar moves by global tech firms.
👉 Why enterprises are embracing crypto payments
Note: Removed promotional references and geopolitical details to comply with content guidelines.