July 14, 9:27 am
Sina Weibo to Launch ‚ÄúWei Bi‚ÄĚ Virtual Currency in Q3
“Wei Bi [as the currency is known] is still at the development stage currently and it will be tested on a small portion of users in Q3”, the source said. “It will be widely available at the end of this year.”
Sina Weibo took control of a user account called “Wei Bi” in April, the source said.
The microblog platform of Chinese internet giant Sina Corp. (NASDAQ:SINA) has over 140 million users, according to publicly available information.
The company recently released plans for the currency in a statement. It will be used to pay for value-added services at the exchange ratio of 1:1 to renminbi.
Goldman Sachs said in an earlier report that online advertising and applications will be the main revenue stream for Sina Weibo, and estimated that Sina Weibo will generate $21million in 2012.
edited by Jin ZHANG