When Kik Interactive announced its cryptocurrency ICO, a lot of people were taken by surprise. Having an established company embrace this new way of raising money is pretty significant as a whole. As one has come to expect, this ICO was highly successful overall, as the company raised nearly US$100 million. There was massive global interest in this ICO; that much is evident.
Kin ICO is a Major Success
We have documented the concept of the Kin ICO several times before on this platform. Its parent company, Kik Interactive, is best known for its popular chat platform. However, the goal is always to improve upon the existing business model and come up with some new features. Introducing a native token for this platform makes a lot of sense in this regard. The Kin token distribution event concluded not long ago, and it has been a major success.
More specifically, the token distribution event saw nearly US$100 million raised in short order. While cryptocurrency ICOs have a history of selling out quickly, that doesn’t mean every project will raise dozens of millions of dollars. The Kik team successfully secured close to US$100 million from over 10,000 investors spread out over 117 different countries. This goes to show the global appeal cryptocurrency ICOs have right now. Traditional crowdfunding methods have enjoyed similar success, but ICOs are still in a class of their own right now.
Indeed, the Kin token sale is one of the most successful ICOs to date. Although other companies have raised over US$200 million in a similar fashion, that was never the objective of the Kin token distribution event. Raising close to US$100 million is pretty spectacular in its own way, as there is no need to raise more money than is needed. Due to its success, the Kin token is also already one of the most widely distributed digital tokens in the world today.
Kik CEO and founder Ted Livingston commented as follows:
“We wanted as many people as possible to participate in the Kin token distribution event. Based on the outpouring of support leading up to and during the event, we clearly achieved that goal. We envision Kin as the foundation for a decentralized ecosystem of digital services, starting with Kik, and we couldn’t be more thrilled than to build this new future together with you.”
Issuing an ERC20 token on top of the Ethereum blockchain has been a smart decision by the Kik team. This token will be integrated into the Kik chat application and serve as its primary transaction currency moving forward. Kin is a token for all Kik users around the world. Considering that this chat application is used by millions of people worldwide, the token will certainly find new use cases in the future.
According to the team, Kin has the potential to become the most adopted and used cryptocurrency in the world. Moreover, the Kin Rewards Engine will foster the creation and development of a worldwide and decentralized ecosystem of digital services. Interesting things are on the horizon for Kin and Kik; that much is certain. With this crowdsale having completed successfully, we inch one step closer toward global mainstream adoption of cryptocurrencies.