Kik Interactive aims to raise $75M in Kin token distribution event Tuesday
Kik Interactive, the creator of the Kik chat platform, will hold the token distribution event Sept. 12 for its Ethereum-based Kin tokens.
Kin tokens will be used as transaction currency for the chat platform. The company plans to create a decentralized ecosystem of digital services through Kin, according to a press release.
Registration for the distribution event closed on Saturday with 17,075 registrants from 13
Kik said it had raised $50 million in a successful presale, and hoped to add another $75 million in tomorrow's event, for a total of $125 million. To reach the $75 million goal, Kik will make available 512,195,121,951 Kin tokens for the price of 1 ETH ($289) each.
The ETH price was determined using the volume weighted average spot rate from the top 12 exchanges on tradeblock.com at the time the smart contracts were deployed, the release said.
The Sept. 12 sale will begin at 9 a.m. EST. Registrants will have 24 hours to purchase up to $4,392.39 in tokens (i.e., $75 million divided by 17,075 registrants).
Not all of the $75 million will be sold in the first 24 hours — as some registered participants will wish to purchase less than $4,392.39 cap, and others may decide not to participate at all, according to Kik.
Remaining tokens will be sold in a Sept. 13 event for registered buyers who wish to purchase tokens above the initial $4,392.39 cap.
"We're one step closer to launching Kin and integrating it into Kik, which will be the first mainstream adoption of cryptocurrency," Kik CEO Ted Livingston said in the release. "Kin will fuel new experiences in communications, information and commerce inside of Kik, and will also serve as a foundation for a new decentralized ecosystem of digital services, bringing a fair and sustainable business model to the market."