Social messaging company Kik has bigger plans for its upcoming ICO. In a recent talk given by Kik founder and CEO Ted Livingston, he explained that Kik saw its ICO of a currency called Kin as a potential alternative exit for them.
Like the Omise and Unikrn examples, Kik has also raised traditional venture capital money — more than $120 million, including $50 million from Tencent most recently valuing the company at $1 billion. Kik's ICO will help bring it more money. Kik will sell 10 percent of its Kin currency (half to institutional investors and half to retail investors). Kik will keep 30 percent of Kin and 60 percent of Kin will be overseen by a nonprofit Kin Foundation aimed at making Kin a popular cryptocurrency. That foundation will give away 20 percent of its stock of Kin every year to developers and others who help build out the economy for Kin.
Kin will be used as the currency on the Kik social network for things like emojis, stickers, hosting and participating in group chats, building apps like bots, etc. However, the stated goal is for Kin to also be used as currency outside of the Kik app.
Even if stays confined within the Kik community, Kik has 15 million monthly active users. It's currently ranked in the 60s in terms of popularity on the App Store. That community alone will make the currency among the more popular cryptocurrencies.