The Canadian messaging application Kik has just rolled out its first beta application named Kinit, which is linked to the company’s Kin (KIN) crypto token, as reported by TechCrunch yesterday, July 18th. The release follows Kik’s very successful Initial Coin Offer (ICO), which collected $100 million.
The ICO for the Kin (KIN) token came to an end in September 2017, after garnering almost $100 million from over 10,000 entries in 117 different countries. At first, the company was hoping to obtain $125 million.
Kinit is a wallet application developed for an interactive user experience, where people can earn Kin (KIN) by participating in quizzes and viewing interactive clips. Users can trade Kin (KIN) for gift cards from top brands and significant merchants, and also transfer tokens between each other within Kinit.
Kinit is the first public application dedicated to Kin. Our goal with Kinit is to put Kin (KIN) in the hands of more consumers. It is an important step in making crypto truly consumer-friendly through fun and engaging experiences, and we plan to learn and iterate based on user behavior in the real world.
Rod McLeod, Kik’s vice president of communications
The Canadian messaging application, Kik, to increase the adoption rates for its proprietary Kin (KIN) crypto token with Kinit
Kin is an Ethereum blockchain-based ERC20 token to provide liquidity and is rolled out on the Stellar network to boost the transaction speed. Based on TechCrunch’s press release, the Canadian messaging application’s representatives spend approximately $3 million on token developments via its KinEcosystem website.
The Kinit application is reported to be the first attempt to get mainstream users to adopt the Kin (KIN) crypto token.
At the beginning of this year’s spring, Kik announced its intention to team up with Unity Technologies, a video game firm, in a movement aimed at promoting the Kin (KIN) crypto token adoption throughout the gaming industry. As the spokesmen of Kik, the Canadian messaging application, reported back then, the move would “bring this cryptocurrency [Kin (KIN)] to millions of game developers.”
As we speak, Kin (KIN) trades at $0.000170.