The Kin Cryptocurrency is Backed by Messaging App Kik
Michael Hines — May 27, 2017 — Tech
The recently announced Kin cryptocurrency has an interesting company behind it: messaging app Kik. The company wants to roll out a digital marketplace where its users will pay for games, live video streams and other products using Kin. Kin will be on the Ethereum blockchain, a cryptocurrency rival to Bitcoin. Kik plans to do an ICO, or initial coin offering, to raise money and drum up interest in its new venture and digital currency. Kik users will also get some Kin cryptocurrency to spend in an effort to help kick start the marketplace.
The Kin cryptocurrency's biggest asset, according to Kik, will be its amount of users. Since Kin will be run on Kik the currency will be available to all 15 million of the messaging app's active users. If the ICO works out and the Kin cryptocurrency takes off it wouldn't be a shock if other major tech companies explored ICOs as ways to quickly fund new ventures or launch products.
The Kin cryptocurrency's biggest asset, according to Kik, will be its amount of users. Since Kin will be run on Kik the currency will be available to all 15 million of the messaging app's active users. If the ICO works out and the Kin cryptocurrency takes off it wouldn't be a shock if other major tech companies explored ICOs as ways to quickly fund new ventures or launch products.
Trend Themes
1. Messaging App Cryptocurrencies - Messaging apps are exploring the use of cryptocurrencies as a form of digital payment among their users leading to new fintech opportunities.
2. ICO Funding for New Ventures - Initial Coin Offerings (ICOs) have opened new doors for companies to raise funds and engage customers in an effort to kick start their new ventures.
3. Blockchain-based Digital Marketplaces - The use of blockchain technology provides an innovative opportunity for developing digital marketplaces where users can spend cryptocurrencies to purchase goods and services.
Industry Implications
1. Fintech - Messaging apps using cryptocurrencies as a form of payment will disrupt the traditional fintech industry and create new opportunities for startups.
2. Venture Capital - VC firms in the tech industry should consider using ICOs as a way to fund and launch new ventures.
3. E-commerce - Blockchain technology and cryptocurrencies offer disruptive innovation opportunities for e-commerce companies to develop blockchain-based digital marketplaces for online transactions.
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