Kik to create its own digital currency, CEO says

Ted Livingston, founder and CEO of Kik Messenger, speaks at the TechCrunch Disrupt event in Brooklyn borough of New York, U.S., May 11, 2016. REUTERS/Brendan McDermid

Kik Interactive, which created the chat platform Kik, said on Thursday it was launching a crypto-currency or token called Kin that would enable customers to use a whole range of digital services, Reuters reported.

Kik is a free chat and messaging application founded in 2009 and built for teenagers, with about 300 million registered users, Reuters added.

The Kin token will be created on the Ethereum blockchain, another online public ledger much like that of bitcoin, the original digital currency. A sale of the token will be slated some time this year, Ted Livingston, Kik founder and chief executive officer, said in an interview with Reuters.

He said Kik would be the first social media app to create its own currency for future sale to the public, Reuters said.

Livingston added that 10 percent of the token would be sold in a public sale to investors, in “initial coin offerings,” a capital-raising scheme employed by blockchain companies that entails creating a digital asset and selling it to the public, Reuters went on.

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