Facebook first did it, but now Taringa also falls in line being one of the first adopters of cryptocurrencies in the social networking industry.
Taringa! is a Latin-American social network company that is now launching its first stable coin DAI, as announced during the Blockchain Summit Latam in Mexico City. This stable coin is part of a reward system, rewarding users that publish high-quality content and posts that receive high audience recognition through points offer, that can be passed to DAI and then converted into other fiat currencies or cryptocurrencies.
In collaboration with two key partners MakerDAO and e-wallet provider Airtm, Taringa is releasing its pilot program called «Taringa! Pioneers» in the very close dates.
In countries experiencing hyperinflation like Venezuela or Argentina, or even other economically-ill countries, having stablecoins easily convertible into other currencies can protect users from the devaluation of their national currency, help set the economy’s wheels back in motion and drive it away from the downfall edge. Taringa might face less regulatory apprehensions than other rivals, since the Venezuelan President seems to be an advocate of the implementation of cryptocurrencies. As a matter of fact, the Venezuelan government is no stranger to cryptocurrencies, it has been one of the few if not the only country to develop its own oil-backed cryptocurrency, called Petro, to complement its falling currency, the Bolivar. Not only that, but Maduro also ordered Venezuelan banks to adopt it.
Having a total of more than 27 million users and a target market as wide as Latin America is, Taringa represents a threatening force to its competitors and to world economy actors. It has been widely called the Spanish-World Facebook. The expression alone creates speculations on the upcoming competition between Taringa’s and Facebook’s new-borns, DAI and Libra.