Kik Interactive announced today its token distribution event, whose goal is to raise $125 million, will begin at 9:00 a.m. on Tues., Sept. 12. The creator of chat platform Kin also closed a $50 million pre-sale round to accredited investors including Blockchain Capital, Pantera Capital, and Polychain Capital.
“We’re one step closer to launching Kin and integrating it into Kik, which will be the first mainstream adoption of cryptocurrency,” said Ted Livingston, founder and CEO of Kik Interactive. “Kin will fuel new experiences in communications, information, and commerce inside of Kik, and will also serve as a foundation for a new decentralized ecosystem of digital services, bringing a fair and sustainable business model to the market.”
Kin is being created as an ERC20 token on the Ethereum blockchain. The token will be integrated as the primary transaction currency on Kik. Kik hopes its millions of users will adopt Kin. The long range plan s to create a decentralized ecosystem of digital services through the Kin Rewards Engine.
“Kik is by far the largest consumer company to enter the cryptocurrency space, and this is a seminal moment for the industry,” said Ryan Zurrer, principal and venture partner at leading cryptocurrency hedge fund Polychain Capital. “We have been impressed with Kik’s thoughtful approach to the creation and distribution of Kin, and have confidence that the team will execute their vision of creating a decentralized ecosystem of digital services through Kin.”