Kik Interactive, the Canada-based company behind the chat platform Kik, has announced that it will run its token distribution event (TDE) on September 12, 2017, to raise a total of US$125 million.

Alongside the TDE, Kik also announced that it has successfully closed a presale round of US$50 million to select accredited investors, including Blockchain Capital, Pantera Capital, and Polychain Capital.

“Kik is by far the largest consumer company to enter the cryptocurrency space, and this is a seminal moment for the industry,” said Ryan Zurrer, principal and venture partner at leading cryptocurrency hedge fund Polychain Capital. “We have been impressed with Kik’s thoughtful approach to the creation and distribution of Kin, and have confidence that the team will execute their vision of creating a decentralized ecosystem of digital services through Kin.”

Kin is an ERC20 token on the Ethereum blockchain that will be integrated into Kik as the primary transaction currency. Through the TDE, Kik will sell 1 trillion Kin tokens for $125 million. However, as $50 million of that amount has already been sold in the presale, comprising 488 billion Kin tokens, the rest will now be sold for $75 million during the token sale, comprising 512 billion Kin tokens.

Kik seeks to create a decentralized ecosystem of digital services through the Kin Rewards Engine, an innovative cryptoeconomic structure intended to promote the use of Kin as a common currency, that will be administered by the Kin Foundation.

“We’re one step closer to launching Kin and integrating it into Kik, which will be the first mainstream adoption of cryptocurrency,” said Ted Livingston, Founder and CEO, Kik Interactive. “Kin will fuel new experiences in communications, information, and commerce inside of Kik, and will also serve as a foundation for a new decentralized ecosystem of digital services, bringing a fair and sustainable business model to the market.”

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