Canadian Messaging App Kik to Launch Cryptocurrency
Canada-based messaging service Kik has unveiled plans to create its own digital currency which will allow users to buy services on its platform. The announcement comes amid growing interest in virtual currencies.
The cryptocurrency called Kin is expected to make its debut this year. Its implementation will be relatively unusual because most apps use local currencies for payment.
Users will be able to use Kin to buy games, live video streams, and other digital products.
“Kik will be the largest install base of cryptocurrency users in the world,” CEO Ted Livingston told Bloomberg. “Kin, on day one will be the most-used cryptocurrency in the world,” he added.
Using messaging apps like WeChat and Kik for listening to music, ordering food or making payments is very popular in Asia.
Kik is a free chat and messaging application and was founded in 2009. Unlike Facebook’s Messenger or WhatsApp, it does not require a phone number. The service has 300 million registered users and 15 million monthly users.
Kik has already raised about $120 million from investors, including China's Tencent Holdings.