RSK parent company announces acquisition of Spanish social giant Taringa to integrate its tokens into social applications

The parent company of RSK's Bitcoin Smart Contract Network, IOVLabs, today announced the acquisition of the Spanish social networking platform Taringa. Through this transaction, IOVLabs announced that it will also integrate RSK's local token RIF into Taringa.

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IOVLabs said at the press conference that Taringa will integrate and test RSK decentralized applications (Dapps) and infrastructure.

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Taringa is one of the largest social media applications in Spain, claiming that its platform has about 30 million users, 1,000 active communities and 8 million daily sharing.

IOVLabs says to CoinDesk:

“IOVLabs chose Taringa because of its strong dominance among Latin American and Spanish users, and the region has a unique position to lead large-scale applications of cryptocurrencies.”

Headquartered in Gibraltar, RSK has offices in South America and East Asia, launched its main network in January 2018, and launched RIF tokens in November of that year. RSK's smart contract network is based on the bitcoin state of computing power, and the company claims that bitcoin computing power gives its network a high degree of security.

Diego Gutierrez Zaldivar, CEO of IOVLabs, said in a statement:

“We think that Taringa is the first step in adopting the RSK and RIF platforms on a large scale.”

In cooperation with Bitcoin hosting service company Xapo, Taringa integrated Bitcoin into its applications in 2015. Under the agreement, top content creators on the Taringa website will receive Bitcoin tips for their work.

Commenting on the acquisition, Taringa CEO Matias Botbol said that Taringa is pleased to bring more advanced digital products to its users.

“Once this is all right, we plan to add more features, including the peer-to-peer currency exchange, a market where other dApps are starting to offer products and services to our users. Our ultimate goal is to create a new open, go A centralized Internet that respects the freedom of speech and privacy of individuals."

IOVLabs told CoinDesk that after the acquisition, IOVLabs has allocated approximately $5 million in assets to develop Taringa products.

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