The Canada-based developer of the worldwide chat interface Kik, Kik Interactive, priced at $1 Billion, declared that it will be rolling out the deal of its own crypto currency in 2 Weeks, which is projected to raise $125 Million. Kik is a messaging and chat application developed for teenagers for free, with around a registered user base of 300 Million. A group of students at the University of Waterloo founded it in 2009.
Kin, the crypto currency, will be rolled out off the Ethereum blockchain, a different online public registry similar to that of digital currency Bitcoin. Sale profits will be utilized to develop a new interface: the Kin ecosystem that will provide a range of decentralized services and products, said Kik. Chief Executive and Founder of Kik, Ted Livingston, in a blog post said, “We consider there is a prospect to profoundly modify the way digital services are developed, monetized, and used.”
Kik will be the foremost social media app to build its own digital money. The token sale is a money-raising plan implemented by blockchain firms that involve producing a digital asset and retailing it to the public. The blockchain is a digital registry of transactions supporting Bitcoin and is attaining worldwide tow with its potential to track and record the drive of assets.
The public sale of Kin will initiate on September 12. Around 1 Trillion is allocated in tokens by Kik for the sale. Of which, 488 Billion or $50 Million tokens already been have retailed in a pre-sale stage to choose investors, comprising venture capital firm Blockchain Capital and the hedge funds Polychain Capital & Pantera Capital.
A 30% discount was obtained by the investors in the presale round as they offered the capital some months ago as the firm worked out the regulatory framework on its token offering. The outstanding 512 Billion tokens will be retailed on September 12 for $75 Million. The notion is to incorporate Kin within the Kik chat platform as the prime transaction currency. With a huge user base, Kik said it looks forward to pushing the mainstream consumer acceptance of Kin, likely making it the most extensively used crypto currency.