Skip to main content

Mobile Messenger Kik Raises $50 Million Ahead of $75 Million ICO

Mobile messaging app Kik has raised $50 million from the private sale of its ethereum token Kin to institutional investors, including Blockchain Capital, Pantera Capital and Polychain Capital.
The announcement is notable as Kik's Kin token may well be the first mainstream adoption of a custom cryptocurrency by a well-known company – Kik claims 15 million monthly active users, about 60 percent of whom are in the 13 to 24 age demographic. The token was previously announced in May, with its fair share of skeptics, who said the idea of incentivizing social media interactions with a points system has been tried before to no avail.
The company will follow the pre-sale with a public "token distribution event" next month, targeting an additional $75 million by selling 1 trillion of a total of 10 trillion units to be created.
The total raise is expected to net a combined $125 million in new capital for the company.
Because the Kin token is based on ethereum's ERC-20 standard, it will be possible for exchanges to list the token for trading, and in turn, ultimately redeem them for U.S. dollars.
Tanner Philp, a manager of special initiatives at Kik, told CoinDesk the company's goal is for Kin to become a general purpose cryptocurrency, which could be used as a method of value exchange between such stakeholders as users, developers and content creators.
When asked for specifics about how Kin might achieve that long-term goal, Philp responded with a use case that is already in production at Kik today:
"One of the areas of immediate opportunity is the over 100,000 bot developers, who have created over 180,000 bots. Those bots could be anything from entertainment to content creation to games." 

Source: https://www.coindesk.com/mobile-messenger-kik-raises-50-million-ahead-75-million-ico/

Comments

Post a Comment

Popular posts from this blog

Duncan Logan just tweeted that he's on board Electroneum

I have been a buyer and holder of bitcoin and Etherreum for a long time but this will be the first ICO I buy into--Duncan Logan.

What is Electroneum?

Electroneum (ETN) is a cryptocurrency that can be mined with a smartphone, requiring almost no technical knowledge or prior experience. This sets it apart from other cryptocurrencies (like Bitcoin) which require expensive hardware and technical know-how to mine.
Electroneum’s unique mobile mining experience allows anyone with a smartphone to earn ETN coins by letting the miner app run in the background.
It was designed specifically with mobile users in mind, thereby appealing to a potential market of 2.2 billion smartphone users around the world. Unlike other cryptocurrencies, Electroneum has a user-friendly, beginner-oriented interface that allows users to seamlessly transfer ETN coins between one another, check their balances, and mine coins.
Being a cryptocurrency, Electroneum is created, held, and spent electronically, and has no phy…
Post a Comment
Read more

Police Bust Alleged $13 Million Crypto Pyramid Scheme

Police in China's northwestern city of Xi'An have arrested the founders of a claimed nationwide cryptocurrency pyramid scheme that allegedly amassed 86 million yuan ($13 million) from over 13,000 people.
According to a report from local media source Huashang News, Wednesday, the scheme launched in March 28 this year after months in preparation by a primary suspect who has has the surname Zheng, as well as three other accomplices.
The report cited an investigation from the police who said the scheme used a cryptocurrency called Da Tang Coin (DTC) that is linked to DTC Holding - a firm under the suspect's control and registered in Hong Kong - to allegedly hoax potential members of the pyramid scheme.
In various promotional events in multiple cities in the country, the scheme claimed that new members can make 80,000 yuan (roughly $13,000) per day with an initial investment of $480,000 to purchase the DBTC at $0.50 per token, according to the report.
These promises of high r…
Post a Comment
Read more

Is Bitcoin Legal?

Bitcoin is of interest to law enforcement agencies, tax authorities, and legal regulators, all of which are trying to understand how the cryptocurrency fits into existing frameworks. The legality of your bitcoin activities will depend on who you are, where you live, and what you are doing with it. Bitcoin has proven to be a contentious issue for regulators and law enforcers, both of which have targeted the digital currency in an attempt to control its use. We are still early on in the game, and many legal authorities are still struggling to understand the cryptocurrency, let alone make laws around it. Amid all this uncertainty, one question stands out: is bitcoin legal? The answer is, yes, depending on what you’re doing with it. Read on for our guide to the complex legal landscape surrounding bitcoin. Most of the discussion concerns the US, where many of the legal dramas are currently playing out. Alternatively, you can access our comprehensive Regulation Report for worldwide expert …
Post a Comment
Read more