IOVLabs, the parent company behind RSK‘s bitcoin smart contract network, declared its acquisition of Taringa, a Spanish-language social networking platform, on September 27. With the deal, IOVLabs announced that it will also integrate RIF, RSK’s native token, into Taringa.
It has been reported that in a press release, IOVLabs said that Taringa is going to both incorporate and test RSK decentralized applications and infrastructure.
However, Taringa, one of the largest Spanish social media applications, claims to have some 30 million users, 1,000 active communities, and 8 million daily shares on its platform.
It has also been reported that “IOVLabs chose Taringa because of its strong dominance in Latin America and Spanish speaking audience and the unique position the region has to lead cryptocurrencies mass adoption,” the company told CoinDesk.
Based in Gibraltar with offices in both South America and East Asia, RSK launched its main net in January 2018, and the RIF token the following November. RSK’s smart contract network is based on the bitcoin state’s hashing power which the company asserts to give its network high security.
Diego Gutierrez Zaldivar, the CEO of IOVLabs, said in a statement:
“We see Taringa as the first step towards the massive adoption of both RSK and RIF platforms.”Diego Gutierrez Zaldivar
In a partnership with Xapo, a bitcoin custodial service, Taringa integrated bitcoin into its app in 2015. Under the deal, the top content creators on Taringa received bitcoin tips for their work.
However, commenting on the acquisition, Matías Botbol, the CEO of Taringa, said that Taringa is excited to bring more advanced digital products to its users.
“Once this is in place, we envision adding more features, including peer-to-peer token exchanges, a marketplace for other dApps to start offering products and services to our users, and more. Our ultimate goal is to create a new open, decentralized Internet that respects an individual’s freedom of speech and privacy.”Matías Botbol
However, IOVLabs has allocated some $5 million in assets towards developing products for Taringa.