LatAm Social Network Taringa! Taps Bitcoin for New Revenue-Sharing Model

One Facebook (Nasdaq: FB) competitor in Latin America is looking to cryptocurrencies as it aims to expand its recently launched revenue-sharing model for advertisements.

Taringa! is utilizing bitcoin for its new revenue-sharing model, which the company hopes will aim to encourage better content by avoiding the need to use LatAm's shaky financial system. The company said credit-card networks in the region are underdeveloped and bank account penetration isn't deep enough for content providers to receive payments via traditional means, according to the WSJ.

Taringa! recently entered an agreement with Xapo, a Palo Alto, Calif.-based bitcoin wallet and custodial service provider, to handle bitcoin transactions.

Whether the initiative is better for Taringa! or bitcoin is debatable; using a better system of payments will help the social network grow, while more people becoming interested in and comfortable using bitcoin will also bolster the virtual currency's standing.

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