Kik Interactive, Inc. Announces Kin-funded Employee Compensation Program
In a press release dated November 15th, Kik Interactive announced an employee compensation program it plans to fund. As part of the program Kik will purchase Kin in open market purchases over the next 12 months. Their Board of Directors earmarked $250,000 to fund the program.
Based on the description in the press release, it appears that the program could end at any time, though. From the press release,
“The timing, price, and quantity of purchases under the Kin purchase plan will be at the discretion of management and may be discontinued, suspended, or restarted at any time, but is anticipated that purchases will be made monthly at prevailing market prices on a single cryptocurrency exchange on any given day.”
MediaLab, a holding company, bought Kik last month when the messaging app was in danger of shutting down because of a lawsuit the Securities and Exchange Commission filed against them. After selling Kik, Kin Interactive planned to focus on the growth and development of its’ Kin cryptocurrency.
Kik is a free instant messaging mobile app that was released in 2010 and has an estimated 300 million users. Kik Interactive held an Initial Coin Offering in 2017, which drew criticism from the SEC. In June of this year, the SEC announced it was suing Kik Interactive Inc. for “conducting an illegal $100 million securities offering of digital tokens.”
On Kin’s website, the description includes, ‘Kin is money for the digital world. It is used to generate value through a shared, decentralized cryptocurrency in a digital ecosystem of apps and their users.”
Also, a more descriptive explanation of their ecosystem says, “The Kin blockchain is built to scale for mass usage and supports an Ecosystem-wide digital economy where app developers and mainstream consumers make millions of micro-transactions.”
As of press time, Kin was at Rank 432 on CoinMarketCap with a price of $0.000005 USD and market cap of $5.5 million.