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Cryptocurrencies

Social media app Kik raises USD 50 million ahead of ICO

Wednesday 30 August 2017 | 10:19 AM CET

Kik, a mobile messaging app, has raised USD 50 million from the private sale of its Ethereum token Kin to institutional investors.

The token was previously announced in May 2017, with its fair share of sceptics, who said the idea of incentivizing social media interactions with a points system has been tried before to no avail, according to CoinDesk. Kin token is based on Ethereum's ERC-20 standard, and therefore it will be possible for exchanges to list the token for trading, and in turn, ultimately redeem them for US dollars.

After the pre-sale, the company will have a “token distribution event” in September 2017, targeting an additional USD 75 million by selling 1 trillion of a total of 10 trillion units to be created. Thus, the total raise is expected to net a combined USD 125 million in new capital for the company.

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