Kik commits $3 million to developer program for its Kin cryptocurrency

The Kin Ecosystem Foundation wants to foster more usage of and innovation around its cryptocurrency, and thus will give up to 25 developers a total of about $3 million in the currency to develop new apps or games.

The program will help developers create their own Kin economies over the next six months. The foundation will give developers the necessary tools for creating Kin-powered experiences, and it will also offer mentorship as the developers progress through the three-phase program.

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The messaging app company Kik moved into cryptocurrency in September, raising almost $100 million from the sale of its tokens, dubbed Kin. And now Kik, through the Kin Ecosystem Foundation, is signing deals with partners (including Unity) to make its cryptocurrency broadly available. The foundation created a software development kit (SDK) that makes it easy to incorporate Kin into a game or other apps.

Kik’s goal for Kin is to create an ecosystem of digital services. As more partners join and expand the ecosystem, Kik and Kin will drive mainstream adoption of cryptocurrency.

“Up until now, developers haven’t had access to a consumer-ready cryptocurrency that can easily be integrated into mainstream apps and platforms,” said Ted Livingston, CEO and founder of Kin and Kik, in a statement. “The Kin Developer Program offers just that, and it also financially incentivizes developers to create natively with Kin, bringing us closer to our goal of becoming the most used cryptocurrency in the world.”

Applicants have until August 10 to submit applications for the Kin Developer Program. A total of up to 25 submissions will be accepted into the program on August 15. Participants will be required to build and launch a consumer app that integrates the Kin Ecosystem SDK or use the SDK to offer new features in an existing app by October 2.

These apps must create native opportunities to spend Kin in digital environments. Developers can provide users with in-app opportunities to earn Kin or apply the out-of-the-box earn experiences included in the Kin Ecosystem SDK.

Participants will have the opportunity to earn a total of $116,000, which will be paid as the three-phase program is completed. For each phase, participants must achieve certain goals in order to be eligible for the full amount of the incentive.