The Kin Ecosystem Foundation, overseeing the Kin (KIN) cryptocurrency,announced on Wednesday that it would spend nearly $3 million worth of the token or fiat money on the development of up to 25 marketplaces that will use only KIN.
The initiative, dubbed Kin Developer Program, will hire developers to create consumer applications utilizing KIN, currently the 75-largest crypto coin by market cap, as part of the customer experience. To be eligible for the funding (worth up to $60,000 plus 400,000 KIN per project), each platform will be vetted by the foundation and will need to pass concrete milestones at regular intervals.
Developers will receive all tools needed to build and launch the KIN-based apps, as well as mentorship by the Kin Foundation.
"Up until now, developers haven't had access to a consumer-ready cryptocurrency that can easily be integrated into mainstream apps and platforms. […] 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," said Ted Livingston, Kin Foundation board member founder and CEO of Kik Interactive.
Canada-based Kik Interactive is the company that developed the Ethereum-based KIN for use on the Kik messaging app. Last year, Kik funded KIN’s integration on the app with an Initial Coin Offering (ICO) which secured $98 million. Although the funding round fell short of its $125-million target, it was still one of the biggest ICOs in 2017.
The application deadline for the Kin Developer Program is August 10. The Kin Foundation will publish a list of the awarded projects on August 15.