Messenger App Kik Debuts Its Own Digital Currency

The messaging app Kik Interactive has decided to create its own digital currency. Kik's plans are for an "initial coin offering," a process by which it sells tokens that can be used to buy services on its platform. "The idea is that as more and more people use Kik, the value of those tokens, called 'Kin,' will rise in value," reports TechCrunch. From the report: Kik, which has raised about $120 million (in real money) from investors including Tencent Holdings Ltd., could serve to add a new layer of legitimacy to the process. "Kik will be the largest install base of cryptocurrency users in the world," Chief Executive Officer Ted Livingston said. "Kin, on day one will be the most-used cryptocurrency in the world." The move comes as Kik finally reveals how many people actually use its app regularly each month: 15 million. That's a far-cry from the 300 million total registered users number it was sharing around this time last year. Kik plans to gift a certain amount of Kin to each user. They'll be able use the new currency to buy games, live video streams and other digital products. The company's goal is to attract new merchants to sell on the platform, creating a snowball effect where Kin becomes more valuable and more sellers pile onto Kik, increasing its popularity.