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Chat app developer Kik Interactive raises $100 million from token distribution event

Chat app developer Kik Interactive raises $100 million from token distribution event

Ontario-based chat app developer Kik Interactive has raised almost $100 million from its "token distribution event" of its new cryptocurrency Kin.

Over 10,000 people from 117 countries around the world took part in the token sale. Kik claims this makes Kin one of the most widely held cryptocurrencies in the world.

Kin is an ERC20 token on the Ethereum blockchain which will eventually be integrated into the Kik chat platform. The developer will also add a Kin Rewards Engine to promote the use of Kin as a common currency.

Building a new future

"We wanted as many people as possible to participate in the Kin token distribution event. Based on the outpouring of support leading up to and during the event, we clearly achieved that goal," said Ted Livingston, founder and CEO of Kik.

"We envision Kin as the foundation for a decentralized ecosystem of digital services, starting with Kik, and we couldn’t be more thrilled than to build this new future together with you."

If you have no idea what the hell a cryptocurrency actually is or how it works, be sure to check out our interview with Reality Gaming Group co-founder Tony Pearce. His studio has so far raised $3.5 million from its own "initial coin offering".


Editor

Ric is the Editor of PocketGamer.biz, having started out as a Staff Writer on the site back in 2015. He received an honourable mention in both the MCV and Develop 30 Under 30 lists in 2016 and refuses to let anyone forget about it.

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