Kik Interactive will sell the cryptocurrency named Kin

Kik Interactive Inc. will publish its own virtual currency called Kin. The global messaging platform headquartered in Waterloo which has valuations in excess of US$1 billion and has over 300 million accounts announces plans to launch a virtual currency for the next two weeks that is expected to sell up to US$125 million.

Tinuku Kik Interactive will sell the cryptocurrency named Kin

Kik was founded in 2009 by a group of students from the University of Waterloo. Kin will use the Ethereum-based blockchain technology. The sales proceeds will be used to build a new platform of Kin ecosystems and future products.

"We believe the opportunity to fundamentally change how digital services are built, used, and monetized," said Kik CEO Ted Livingston.

Kik will be the first social media to create its own virtual currency. Capital collection schemes through the sale of tokens like these are used by blockchain companies to build their own digital assets and resell them to the public.

Kin sales to the public will start on September 12th. Kik has allocated 1 trillion tokens for sale in which approximately 488 billion tokens worth US$50 million have been sold during pre-sale to investors such as Blockchain Capital, Pantera Capital and Polychain Capital.

Early buyers earned a 30 percent discount, but Livingston also said pre-sales investors would not be able to sell half the investment for a year since making a purchase. The remaining 512 billion tokens will be sold for US$75 million on September 12th.