Canadian creator of the global chat platform Kik announced the launch of the sale of its own cryptocurrency which is expected to raise $125 million, Fortune reports.
Kik Interactive based in Ontario, Canada, company valued at $1 billion is the owner of a free chat and messaging application built for teenagers, with about 300 million registered users.
The cryptocurrency, Kin, will be launched off the Ethereum (ETH/USD) blockchain so the company is confident in the potential to spark mass adoption of a cryptoasset for daily use.
1 trillion in tokens have been allocated for the sale with $50 million or 488 million tokens have already been sold in a presale round to select investors, including venture capital firm Blockchain Capital, hedge fund Pantera Capital, and Polychain Capital, another digital currency hedge fund.
The investors in the presale round received a 30% discount.
The remaining 512 million tokens will be sold for $75 million on the 12th of September.
“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,” Kik Interactive founder Ted Livingston said in a press release.