IOV Labs, which is the parent company of Bitcoin smart contract platform RSK recently announced the acquisition of Taringa. Consequently, the Hispanic social media network, which has about 30 million users and 1000 + currently active communities will be exposed to decentralized applications and P2P trading.

As of recent, it has become an increasingly growing trend for crypto companies to acquire traditional businesses before making and renovating them by introducing tokenized features. Taringa is a Spanish-language social network that is somewhat a cross between Reddit and Facebook. Typically, it is famous in Argentina, Spain, Colombia, Chile, and even in the US Spanish-speaking community. It is ranked second after Facebook in terms of popularity in Argentina.

Following the acquisition, it is now the property of IOV Labs, and this comes even as RSK players seek to find ways to increase the utility of their RIF token. RSK smart contract is based on the Bitcoin network, which goes a long way in creating a secure environment for the deploying of decentralized applications. The acquisition of Tauranga, therefore, serves as a pilot for testing the kind of applications that RSK seeks to create through third parties.

Plans are also underway concerning the integration of a P2P token exchange into the social network Taringa, therefore creating a decentralized bazaar for applications and the introduction of incentivization for the sharing of content.

While making the announcement of the acquisition Taringa CEO, Matias Botball is quoted as saying “we are already building our first tool to allow the Taringa users to get rewarded by being active participants in their communities. Once this is in place, we envision adding more features our ultimate goal is to create a new open, decentralized internet that respects individual freedom of speech and privacy.”

Additionally, the chief executive officer of IOV Labs Diego Zaldivar opined during the announcement that “This acquisition puts us at the forefront of adoption in distributed Ledger technology. We see Taringa as the first step towards massive adoption of both RSK and RIF platforms and a great step forward for our long-term vision of empowering individuals through decentralization. “

Crypto enthusiasts, on the other hand, seem to agree that the acquisition deal is advantageous for both parties as it gives RSK a unique platform to display its smart contract and blockchain capabilities. At the same time, it works to all the gears of the social network thereby revitalizing it. The social network has also been known for adopting crypto assets. In the year 2015, it paid USD 76000 in Bitcoin to its users allocating a sum of 195 bitcoins to content creators.

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