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Invest in Kin in 2022

Last updated 10th May 2022
Disclosure

Kin is the official cryptocurrency for the Canadian mobile messaging app known as Kik.

The token is now in the top 400 globally and represents an interesting opportunity for many traders.

In this guide, we’ll take a close look at what it does, where to buy along with some other important considerations to keep in mind.

Read on to find out more.

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What Is Kin?

Kin is the official cryptocurrency for the mobile messaging app, Kik.

Users of the platform can earn Kin by contributing to the Kik community which then enables them to spend their coins on goods and services within the ecosystem.

Kin can easily integrate into various web and mobile apps and has an incentive model that encourages developers to work on them. The more engagement the apps yield, the more rewards and benefits the entire community can get.

History of Kin

Kin was first announced in early 2017 when Kik faced difficulties in a market overly controlled by Facebook and other competitors.

In the initial coin offering (ICO) they raised a total of $98 million from around 10,000 participants which was just below their target of $125 million.

The coin benefited from an already established user base on the Kik platform (around 15 million monthly active users at the time), which was instrumental in yielding as many funds as it did.

The price of Kin quickly soared upon launch and reached massive heights in 2018. However, much like many other cryptos, by 2019 it had lost nearly all of its gains.

Kin Key Facts

Let’s take a close look at some of the most important facts about the Kin cryptocurrency:

  • Name and symbol — Kin (KIN)

  • Official sitehttps://kin.org/

  • 2021 market cap — Ranging from $60 million to $550 million

  • 2021 price — Ranging from $0.000038 to $0.00043

  • Total coins in circulation — More than 1.64 trillion

  • Max supply of coins — 10 trillion

  • Prominent Kin markets — KIN/USD, KIN/BTC, KIN/ETH, KIN/USDT, KIN/XLM, KIN/USDC, KIN/RAY

Pros and Cons of Kin

It’s important to weigh up the pros and cons before making any investment. Here are the ones that apply to Kin:

Pros:

  • Seamless integration with the Kik platform

  • The coin benefits both developers and users of apps

  • Large existing user base from all over the world

Cons:

  • Not as popular as it once used to be

  • SEC ruling on Kik and a subsequent fine of $5 million dampened investor confidence

How Does Kin Work?

Kin coins enter the circulating supply through a system called the Kin Rewards Engine (KRE). KRE is a revenue model based on incentives, and it rewards developers for making great cryptocurrency-based experiences.

The model effectively encourages developers to create interesting user experiences and incentivises users to engage with them as well. In many ways, it’s a model that doesn’t rely on developers harvesting large amounts of data on users.

In other words, both developers and users are encouraged to create value for the platform, rewarding them with Kin tokens for their efforts.

It’s worth mentioning that Kin is not mined in a standard way because the Kin Foundation oversees the algorithmic logic of the KRE and the distribution of coins.

Kin is used by millions of people per month with an entire subreddit dedicated to it with more than 24,000 members. In addition, the official Twitter account has more than 44,000 members.

Ways to Buy Kin

As you’ve already seen, there are several ways to buy Kin. Besides earning Kin on Kik and other apps built together with the coin, you can also use traditional crypto trading platforms to purchase the coins. These include:

  • Cryptocurrency exchanges

  • Cryptocurrency brokers

  • Decentralized exchanges

To get started on exchanges/brokerages, you’ll need to create an account by following the onscreen instructions. This will be similar to the registration process for any other website you may have used.

Notably though, you’ll have to verify your account by uploading official identification documents. This is for know-your-customer (KYC) regulation purposes.

Interestingly, this is not required for decentralised exchanges, although these platforms tend to be less user friendly.

How to Invest in Kin

You can invest in Kin in a number of different ways. Here are the most common methods:

  • Kin exchanges — The price on exchanges is set in real-time by market participants. Here, you can deposit money directly from your bank account and purchase Kin tokens to store in your personal wallet. On decentralized exchanges, you can use other cryptocurrencies to trade into Kin.

  • Kin apps — As mentioned, you can earn Kin through the existing Kik messenger app, as well other applications in the ecosystem. Each of these offers their own ways for users to earn and spend Kin.

Is It Safe to Invest in Kin Right Now?

Cryptocurrencies are highly volatile assets and Kin is no different. In fact, the price of Kin has dropped significantly from its all-time high and bounced substantially from its all time low as well.

While all cryptos carry risk, this is perhaps more pertinent to Kin as it has a relatively low market cap and is no longer as popular as it once used to be.

This makes Kin a risky investment and one that requires caution. On top of that, you need to consider that the Kik platform was involved in some controversies in the past, most notably the one involving the Securities and Exchange Commission (SEC).

The SEC sued Kik for raising money without previously registering its offering. This led to a 2020 ruling that Kik did break the law, leading to a fine of $5 million.

Despite all of this, the Kin coin and the Kik ecosystem are still valuable as they are used by millions of people per month. If you see potential in the Kik platform, then Kin may be a good investment for you.

Amala Pillai

Amala Pillai

Amala is custom content and news editor based in London. She is a former financial journalist based in Singapore with 7 years of experience covering a range of business and financial topics. Now she focuses on crypto and macro-economics. She has also covered feature profiles, tech, business politics and ESG— she was the Environment Editor for the Solutions Newspaper, 2016 and worked in an editorial capacity at both News corp (Dow Jones) and JBN. She also has experience as a content creator, strategist and brand editor for various financial institutions and banks.