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Kik Kicks out Highest Profile ICOs

Kik Kicks out Highest Profile ICOs

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The Canada-based startup at first intended to raise as much as $125 million from the sponsor, however, it chose for a deal system that forced a purchase cap on purchasers of its 'Kin' token. 

Messaging app Kik raised nearly $100 million from its token sale, closing the highest profile ICOs from a consumer internet company to date.

The grand total is around $97.5 million. If we look at the breakup, it has around 168,732 ETH — around $47.5 million based on today’s $282 ETH price — came from over 10,000 sponsors. Adding it up with $50 million raised in a pre-sale for institutional investors the grand total is achieved.

The Canada-based startup at first intended to raise as much as $125 million from the sponsor, however, it chose for a deal system that forced a purchase cap on purchasers of its 'Kin' token. Although unclaimed tokens were exchanged, it was never planned to offer out the full amount. Added to that, Kik selected to keep Canada-based people from taking after controllers regarded its token to be a security, which didn't help its motive.

CEO Ted Livingston said

“We are really excited,” he told TechCrunch. “If you had told me back in January that we would sell $100 million of a new cryptocurrency in September, I wouldn’t have believed you.”

Organizations have utilized token sales to raise over $1.7 billion this year yet investors are worried about the scams or other potential risks. Talking at TechCrunch Disrupt, Pantera Capital's Dan Morehead — whose firm runs a $100 million fund committed to ICOs — advised that space is much more theoretical than the website, with more than 60 token deals happening every week.

At almost 10 years old, and with 15 million monthly users and a valuation of more than $1 billion, Kik emerges as the most elevated profile ICO organization to date — yet the token sale itself is also notable in light of the fact that Kik picked against extra VC financing.

Livingston previously clarified in some detail that the point is to build up a decentralized ecosystem that is not dependent on income from publicity or e-commerce. Rather, developers earn Kin tokens in view of interactivity and attention from users, the thought at that point being that they create Kik applications and bots that focus just on the client encounter. Well, that is a bold move by messaging app.

 It is probably going to be a case study for how consumer internet organizations can grasp the blockchain. With the cash now kept, Kik needs to get the opportunity to work and follow through on its vision.

 

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