Kik Messenger to Launch Kin Token

Popular chat app Kik has unveiled plans to deploy its Kin tokens on both the Ethereum and Stellar blockchains, making it one of the first cryptocurrencies to feature bidirectional network support.

Kik developer Gadi Srebnik made the announcement in a Wednesday blog post, explaining how the company — which raised $98 million through an initial coin offering (ICO) last year — will deploy its cryptocurrency on multiple blockchains to enhance liquidity and efficiency within its ecosystem.

Until now, Kin has operated as an ERC20 token on the Ethereum blockchain. Frustrated with the network’s susceptibility to network congestion, Kik said last year that it would transfer its tokens to Stellar, whose federated consensus model allows for faster, cheaper payments.


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