Kik Interactive, a Waterloo, Ontario, Canada-based creator of the Kik chat platform, closed a presale round of US$50m to select accredited investors.
Backers included Blockchain Capital, Pantera Capital, and Polychain Capital.
Kik Interactive also announced that its upcoming token distribution event (TDE) will commence on Tuesday, Sept. 12, 2017 at 9:00 a.m. ET. It will look to raise a total of US$125 through the token sale.
Led by Ted Livingston, Founder and CEO, Kik Interactive is creating Kin as an ERC20 token on the Ethereum blockchain that will be integrated into Kik as the primary transaction currency. With millions of users, the company aims to drive mainstream consumer adoption of Kin, potentially making it the most adopted and used cryptocurrency in the world. Eventually, Kin will create a decentralized ecosystem of digital services through the Kin Rewards Engine, a cryptoeconomic structure intended to promote the use of Kin as a common currency, that will be administered by the Kin Foundation.