The creator of popular messaging platform Kik will test the prospects of crypto-based crowdfunding next month, when it begins an initial coin offering that seeks to raise a total of $125 million through the sale of a new Ethereum-based token. Kik Interactive announced Tuesday it’s closed $50 million in funding from leading crypto investment firms Polychain Capital, Pantera Capital and Blockchain Capital. It aims to raise $75 million more when the token sale debuts on September 12. The offering could more than double Kik’s pre-ICO funding of $120.5 million raised since the firm's inception in 2009. The 24-hour sale will comprise a total of 1 trillion Kin tokens, 488 billion of which were pre-sold at a 30% discount.

Source: Forbes August 30, 2017 01:10 UTC