Facebook’s Key Competitor from Latin America ‘Taringa!’ Launches Crypto Rewards

UTC by Julia Sakovich · 3 min read
Facebook’s Key Competitor from Latin America ‘Taringa!’ Launches Crypto Rewards
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Facebook’s major competitor from Latin American social media giant Taringa! is launching a stablecoin-powered reward system for its 27 million users in collaboration with MakerDAO and e-wallet provider Airtm.

Have you noticed that social media giants are becoming more and more actively engaged in the crypto space? While the whole world is discussing Facebook’s Libra initiative, it’s main Latin American rival called Taringa! is pushing its way in the crypto world as well.

After 15 years of successful work within the Hispanic online space, Taringa! is launching a new crypto-centered community. The team staying behind the platform explained that such a move marks a significant change in their philosophy and their approach of running the network. Now, according to the announcement made at Blockchain Summit Latam, the implementation and usage of decentralized technologies will become a priority for Taringa!.

The company has presented the pilot program called Taringa! Pioneros that will support its way to decentralization. It is expected that Taringa! will be able to overcome a traditional model with a single site company and continue its functioning as a decentralized platform with content available on different channels.

Taringa! Believes in Crypto

What’s more, it has been revealed that Taringa! has entered in a partnership with MakerDAO and e-wallet provider Airtm. Such cooperation will allow it to create a stablecoin-powered points system for its users.

In the frameworks of the above-mentioned Taringa! Pioneros program, users will get a possibility to receive points for creating content. Then users will be able to monetize their points by converting then into DAI, the Ethereum blockchain-based stablecoin introduced by MakerDAO.

Taringa! explains a decision to launch such an initiative with a desire to provide its users with a secure and stable store of value as well as to ensure their financial independence from governments.

The user base of this social media giant includes 27 million people, including large portion of those living in countries suffering from the consequences of hyperinflation.

The crypto that users will get as a reward can be converted into their national currencies via the Airtm wallet.

Taringa!’s Previous Crypto Experience

Taringa! Pioneros is not the first crypto-related initiative of this social media giant. It has been considering an opportunity to launch its own crypto since 2017 while earlier, in 2015, it cooperated with Xapo for the joint-development of a Bitcoin-based revenue distribution system for users.

Despite the fact that the program in a beta version started rather successfully with 35,000 members, Taringa! took a decision to stop it due to certain technical difficulties. Last year, the program had only a small group of 2,500 members. The platform was obliged to delete tons of pirated content that its users had posted. Such a situation provoked hot discussions about the role and liability of intermediaries in the process of content distribution.

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