Kik raises nearly $100M in highest profile ICO to date

Social media platform Kik has officially closed its initial coin offering (ICO), having raised a total of $98 million. The firm's dedicated ICO webpage states that the public portion of the sale raised a total of 168,732 ether (the token powering the ethereum network), worth over $48 million at the time of writing.

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The intended funding target for the effort, including $50 million already raised in a private pre-sale, had been $125 million, as previously reported by CoinDesk. 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.