Kinit, a wallet app related to the Kin token, has become the first beta product to be introduced by the messaging app Kik. The new product is owned by the Canadian messaging firm. This latest move comes after Kik launched a successful initial coin offering (ICO).
Kik concluded its ICO for the kin token in September of last year. Although the firm hoped to raise $125 million from the ICO, over 10,000 participants from 117 countries helped it to secure almost $100 million.
Rewarded with Kin
Kinit is a wallet app designed for users who, when they finish watching interactive videos and complete quiz surveys, will be in a position to earn Kin. Users who will have earned the token can exchange it for gift cards from retailers and major brands. The users can also exchange tokens with each other in the Kinit platform.
Kik’s vice president of communications, Rod McLeod, stated that Kinit was the first available app publicly dedicated to Kin. He disclosed that the company’s aim regarding Kinit was to ensure that the token got into the hands of more consumers. He said that the move was a major step in making cryptocurrency truly consumer-friendly through fun and engaging experiences. McLeod stated that his firm was ready to learn from the real-world users’ behavior.
Spending $3 million
The Kinit application is the first attempt to woo common users to adopt the product. The Canadian firm is spending approximately $3 million on the creation of the Kin token within its platform. The funds will be used in enhancing an efficient experience for the token.
Kin is an ERC20 coin which is pegged the Ethereum blockchain in order to assure its liquidity. In order to raise the speed of transactions, the token is deployed on the Stellar network.
The messaging app firm is keen on expanding its token to be used by gamers. Thus, in March, it made known its intentions to partner with Unity Technologies, a video gaming company. Partnering with Unity will help Kik offer digital currency to a large number of gaming programmers.
Kik has created its own customized software development kit (SDK) specifically for gaming, that will allow tokens to be integrated into games.