There’s been much talk of ICOs — initial coin offerings — amid the rising value of bitcoin and other cryptocurrencies like Ethereum. Now the industry is about to see its first ‘big name’ move into the space after Kik announced plans to introduce its own cryptocurrency via a token sale.
Messaging app Kik is particular popular among teens and young people in North America. Overall the eight-year-old company, which is based in Canada, claims 300 million registered users. Kik doesn’t break out how many of those are active any given month, but we do know that growth has slowed over the past year.
Kik isn’t just the most used service to venture into ICOs, it is also the highest financially backed company. It has raised over $120 million to date, and its most recent fundraising round in late 2015 valued its business at $1 billion.