One of Russia’s biggest online platform Mail.ru Group has stated that its ad platform called MyTarget has already started accepting Bitcoin and Bitcoin Cash as a means of payment for running ads on the platform.
Mail.ru Group owns some of Russia’s top social networks like Vkontakte and Onoklassniki. The company also has two other platforms related to Mail.ru and AM.ru portals. According to a report from the company, these properties have more than 51 million desktop users. MyTarget will also pay publishers who already signed up with this network using cryptocurrency as an option.
In 2017 alone Mail.ru Group collected $412 million from adverts which were a 28% rise from 2016.
In order to make the use of these digital currencies payment a success, the group has partnered with BitPay a well-known global bitcoin processor to convert the digital currencies into cash. At the moment Mail.Ru Group will not accept cryptocurrencies not supported by BitPay like Ethereum.
The cryptocurrency market continues to grow despite the few regulatory challenges facing the field. The ab-chain analyst believes that by using cryptocurrency for ads could improve revenues to almost $32billiona by 2021. This would mean that the ads expenditure would move to about $375 million. AN-Chain’s analysis will, however, depend on the number of ICO startups.
AB-Chain founder Vladimir Dyakov believes that digital currencies are almost becoming a common means of payment good enough to remunerate freelancers and small businesses. Dyakov believes that:
“When people are marketing their services through digital currencies freelancers and Small businesses will have cryptocurrency to spend which will lead to the development of the market.”
It’s true that cryptocurrency settlements are easier, less costly and quicker than the traditional means of payments. Dyakov added that: “There are many advantages of paying using digital currencies especially when it comes to cross-border settlements. This means that digital currencies will gain more because of globalization.”
AB-Chain launched their crypto payment network months before Mail.Ru Group, but the latest announcement will definitely add some positive view into digital currencies. Another startup called Bitclave which raised $25 million ICO in November stated that it was building an anti-Google search engine where all funds go directly to the users.
The Active Search Ecosystem by BitClave is mainly intended for customers to control their identity, be remunerated in tokens and decide who has access to their data. The company stated that they had made good progress by cannot state when they were planning to launch the platform.
Another Russian startup which is also taking its space is Mytine which is designed to reward online buyers of service. Service partners will earn tokens by attracting users to the platform. The concept used in mytime is similar to that of Basic Attention Token which is a US startup which already raised more than $36 million in less than a minute last year.