Messaging platform Kik is launching its own digital currency

Kik is venturing into new territory.

The messaging service announced on Thursday that it was launching its own digital currency, called "Kin" that can be used to buy services on its platform. 

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Users will be able to use Kin to buy games, live video streams and other digital products.

Kin will be created on the Ethereum blockchain — a rival to Bitcoin — and is expected to make its debut some time this year.

“Kik will be the largest install base of cryptocurrency users in the world,” said Kik's CEO Ted Livingston, according to a Bloomberg report.

"Kin, on day one will be the most-used cryptocurrency in the world."

He added that the rise of growing digital services meant that only a handful of companies were "poised to exercise absolute authority over the digital services everyone uses," saying that Kin would serve as a foundation for a decentralised ecosystem of digital services.

Kik has some 300 million registered users and 15 million monthly users. Facebook, in comparison, has close to 2 billion monthly users.

But Livingston sounds pretty sure of Kin's success.

“We will create an economy where millions and millions of mainstream consumers are earning in a cryptocurrency for the first time ever,’’ he said.

“They’re going to want to spend in that same cryptocurrency as well.’’

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