A new cryptocurrency has been released with the premise of being able to pay media stars in virtual cash. The coin is titled indaHash and will soon be available to the public.
The company announced the arrival of their coin that is set to launch with a pre initial coin offering or ICO on November 8th that will run for one week.
IndaHash currently has around 300,000 users in over 70 countries. The site matches brands to the consumer to generate revenue. When the influencer creates a post on social media, the brand is able to pay the user for the promotional content. The new coin will allow companies to pay the user in the digital coin. IndaHash has reportedly worked with some of the largest advertisers including Proctor & Gamble, L’Oreal and Coca-Cola.
The co-founder of indaHash.com, Barbara Soltysinska, stated in an email that “it makes perfect sense” for the digital company to launch their own cryptocurrency. Their goal is to help influence the user base by offering tokens. With the cooperation of several brands and audience development, the coin can hopefully bring more advertisers together with promoters. Soltysinska stated that “with the introduction of indaHash Coin, we want to tokenize the influencer marketing world and create a revolution in terms of brand cooperation and audience development, solving a wide range of issues and challenges between influencers, brands and fan bases.”
The challenges that currently stand are mostly regarding the time it takes for payment to reach the influencer. As it currently stands, it can take up to 60 days for the user to get paid. Until the currency becomes widely accepted on the platform, advertisers will still pay their users in fiat currency or otherwise known as regular currency.