A new cryptocurrency is set to be launched by influencer platform indaHash, allowing brands to pay social media stars in virtual tokens rather than cash.

The platform announced the arrival of the indaHash Coin this week, with the pre-ICO (initial coin offering) set for November 8 and running for a week.

IndaHash has around 300,000 social media users in 70 countries, and the platform matches relevant brands to them. The influencer creates a social media post, mentioning the brand, which is then checked by moderators before being published. IndaHash says it has worked with some of the world's largest advertisers on campaigns including Procter & Gamble, L'Oreal and Coca-Cola.

Barbara Soltysinska, co-founder of indaHash.com, said in an emailed statement that it "makes perfect sense" for the digital business to launch a cryptocurrency. "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," she said.