Bitcoin effect: Kik app to mint own cryptocurrency

May 30, 2017, 12:56 PM EDT
(Source: mrdebi/flickr)
(Source: mrdebi/flickr)

The Waterloo-Ontario-based Kik Interactive, which owns global messaging platform Kik, recently revealed that it plans to launch a Bitcoin-like cryptocurrency, named Kin, which would allow users to buy digital products, video games and live stream videos.

Kin will be based on the Ethereum blockchain, an online public ledger that rivals Bitcoin and will be the most used crypto-currency in the world as it integrates with Kik, which has millions of monthly users, writes Reuters.

Ted Livingston, founder and CEO of Kik, says he decided to mint crypto-currency as startups are crushed by giants like Facebook and Google when it comes to generating money from sales through online advertising, notes Fortune.