Kik Invests $3M to Fund Kin Foundation Program
Launching earlier this month, the Kin Foundation is accepting funding for its developer program. The program will oversee three million dollars in payments to 25 developers as a means of designing standalone economies based on Kin.
The developing teams behind Kik and the digital coin, KIN, are looking to collaborate and relaunch the cryptocurrency market using their own code. Those that are accepted within the program are given a chance to receive significant funding of more than one hundred thousand dollars, as well as additional assets and tools to contribute and design SDK-based applications as well as markets. Funding will come as fiat and digital currencies and are estimated to be at around $116K.
Requirements to admit for the new program are submissions of peer to peer trading systems or payment applications, custom made by the applicant and will end in August. Each application created must allow users to use their native tokens in digital ecosystems and gather more coins. Each accepted member will receive one on one guidance throughout the program's duration.
In an announcement last year, Kik announced its initial move in an effort to begin its network of decentralized crypto services. Another announcement last year said that the company’s coin sale was over and resulted in almost $100M in gains from over 10000 investors on a global scale.
The messenger company then began its partnership with Kin, introducing itself to the new environment last year and providing certain services within the system in Q1 2018. KIN aims at providing every customer with an environment designed to be seamless, transparent and consistently providing proper experiences and services for customers as a priority.
The company explained that by grouping a wide array of partners in one setting and design a new space for specialized services and resources aimed at customers, it would provide a new ecosystem for up and coming investors and developers. The company also attributes this to the enormous integration of networking, communication, data and more through social applications and platforms.
As Kin states, its native coin has peaked in development and ready for commercial release. The KIN’s blockchain will oversee more than $1M transactions on a day to day basis. Swift integration into the blockchain is also another feature, allowing any customers and investors to profit or use their coins through an application or its market.
Developers will design applications to conduct a customer’s transactions through their blockchain custom wallet while providing access to each transaction data and wallet balance.