Social media platform Kik has officially closed its initial coin offering (ICO), having raised a total of $98 million.
The news marks the first instance of a major social media platform launching a cryptocurrency. The firm created the ethereum-based token – called "kin" – with a plan for it to become a tradable internal currency within Kik's social media universe.
This month is close to being the busiest month for ICOs on record, having raised around $517 million in cumulative funding, according to the CoinDesk ICO tracker.
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