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.