Kik Interactive has announced on Tuesday the launch of the sale of its own cryptocurrency in two weeks. The sale of the cryptocurrency ‘Kin’ is expected to raise $125 million.
Kik Interactive is an Ontario, Canada based company, which is the creator of the global chat platform Kik. The chat platform is valued at $1 billion. Kik with teenagers as its target audience is a free to use chat and a messaging app and boasts of currently 300 million registered users.
It was founded by a group of students from the University of Waterloo in the year 2009. The digital currency will be launched on Ethereum blockchain, which is a public ledger like digital currency Bitcoin.
Kik informed the income generated from the sales would be used to build a new platform: the Kin ecosystem that will offer decentralised products and services.
With the launch of its own crypto asset, Kik would become the first social media application have its own digital currency. Kik has assigned some 1 trillion tokens for sale. Kik already has sold 488 billion tokens or $50 million of the amount in a presale to investors, including venture capital firm, Blockchain Capital as hedge funds Pantera Capital and Polychain Capital.
Kik will sell the remaining 512 billion tokens on September 12 for $75 million.