Taringa!, the second most popular social network in Latin America announced its partnership with payment provider Xapo to use Bitcoin for rewarding.
Taringa! is Facebook's competitor in Latin America market, created by an Argentinian high school student Fernando Sanz, who sold it then to local entrepreneurs. The network has been launched in 2004 and fights Facebook's popularity in pretty successful way.
Social network wants to use bitcoin for rewarding as Youtube does and intends to widen this aspect for tipping and purchase of digital goods. As co-found Hernán Botbol said, Taringa! already tried to use revenue-sharing model, but country's poor financial system caused its failure. “We never were able to do that because the infrastructure is horrendous – even if you send someone a check, they don’t know what to do with that,” Botbol added.
Xapo CEO Wences Casares, also from Argentina, stated that this step is only a part of new emerging markets strategy, which uses bitcoin as a more appropriate step into less developed financial systems.
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