Kinit: The First Beta Product Launch By Kik Messenger

The popular messaging platform Kik has recently launched its first beta product. The name of the product is Kinit – referring to the company’s Kin token, according to TechCrunch. This release is following the successful initial coin offering (ICO) which saw the Kin token raising $100 million.

The ICO for the Kin token began in September 2017 and raised almost $100 million from more than 10,000 participants in 117 countries. Even though the company expected to secure $125 million, the $100 million is still a good start for the Kin token and project.

Meanwhile, Kinit is designed as a wallet app that will help users earn Kin by completing surveys, quizzes as well as watching interactive videos. The Kin tokens can be exchanged for gift cards from leading brands and retailers as well as tokens to each other within the Kinit platform.

According to Rod McLeod who is Kik’s vice-president of communications:

“Kinit is the first publicly available app dedicated to Kin. Our goal with Kinit is to get Kin into more consumers’ hands. It’s a major step towards making crypto truly consumer-friendly through fun and engaging experiences, and we plan to learn and iterate based on real-world user behavior…”

As an ERC20 token based on the Ethereum blockchain, Kin is deployed on the Stellar network and is meant to increase transaction speeds. According to TechCrunch, the company will spend more than $3 million on the development of the token within the KinEcosystem and the site. The Kinit app will be the first effort to get users to adopt the tool.

In March this year, Kik officially confirmed the partnership with Unity Technologies – a video gaming company that will help the platform get massive mainstream adoption of the Kin token through the gaming industry. Right now, the Kin token is live – and it is trading around $0.000170 with a market cap of $128 million.