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Kik launches a $3 million USD developer fund to create ‘Kin economies’

The Kin Foundation has developed a new developer fund designed to encourage the creation of new ‘economies’ using its digital currency.

Kik Messenger might already be renowned for its focus on its own digital currency in the form of Kin, and now the platform has doubled down on its promise to create a digital economy with a $3 million USD developer fund.

The Kin Foundation has now confirmed that it is accepting new applications for the Kin Developer Program, which will fund developers a total of $3 million USD to create independent ‘Kin economies’. The program will reward developers who create in-app economies wherein users can earn and spend Kin.

In a release to the press, Kik Messenger CEO Ted Livingston stated that “Up until now, developers haven’t had access to a consumer-ready cryptocurrency that can easily be integrated into mainstream apps and platforms… The Kin Developer Program offers just that, and it also financially incentivizes developers to create natively with Kin, bringing us closer to our goal of becoming the most used cryptocurrency in the world.”

To receive a full grant of $116,000 USD paid out in a mix of USD as well as Kin itself, developers will be required to integrate Kin into an approved app by October, onboard 10,000 monthly active wallets by January of 2019, and expand their network to 50,000 monthly active wallets by April.

The news essentially marks the first venture fund aimed at proliferating Kin as a digital currency, and marks a change of pace for CEO Ted Livingston.

In an interview earlier this year, Livingston opined that ‘almost nobody should be looking at’ blockchain technology – explaining that “unless you’re trying to build one of the most-used cryptocurrencies in the world, it’s very low odds that blockchain is going to create value for you.”

Kin succeeded in raising over $100 million in its Initial Coin Offering, and at press time the digital currency is up by 2.52%, and trades at $0.000133 USD.