Kin is a decentralized cryptocurrency token issued on Ethereum, an open-source public blockchain. It was created by Kik Interactive in September 2017 in a token distribution event, raising over $98 million from 10,000 participants. The purpose of the token is to facilitate value transfers in digital services such as gaming applications and social media, and will initially be launched on the Kik messenger to leverage the application's 15 million monthly active users.
In early 2017, Kik CEO Ted Livingston announced that the company would be launching a cryptocurrency. This move marked a pivot in Kik's strategy, a response to difficulties faced from competing with larger social networks such as Facebook.
On September 7, 2017, only days before the Kin TDE, Kik announced that Canadian citizens would be barred from participating, citing weak guidance from the Ontario Securities Commission for the decision. This partly suppressed participation in the TDE, with only $98 million raised of the $125 million goal.
References[edit | edit source]
- Chavez-Dreyfuss, Gertrude (26 September 2017). "Kik's $100 million in proceeds from token sale below expectations". Reuters. Retrieved 12 January 2018.
- Russell, Jon (26 September 2017). "Kik raises nearly $100M in highest profile ICO to date". Techcrunch. Retrieved 12 January 2018.
- Jackson, Eric (11 July 2017). "Why a messaging start-up is making its own digital currency instead of going public". CNBC. Retrieved 16 January 2018.
- Brownell, Claire (16 June 2017). "Messenger app Kik is betting on its own cryptocurrency to upend the online business model". Financial Post. Retrieved 16 January 2018.
- Hackett, Robert (25 May 2017). "Chat App Kik to Mint Own Cryptocurrency". Fortune. Retrieved 12 January 2018.
- Vigna, Paul (29 August 2017). "Messaging-App Kik's Big Bet on a Digital Coin Offering". Wall Street Journal. Retrieved 16 January 2018.
- De Vynck, Gerrit (8 September 2017). "Kik Blames Canadian Regulators for Skipping Country in ICO". Bloomberg. Retrieved 16 January 2018.
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- Official website
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