The world of initial Coin Offerings (ICOs) is already fast-moving and full of hotly-anticipated entrances into the field, and one of the most heavily watched companies of all is just now making its debut. Kik, the social messaging company, began the launch of its token yesterday. The token will be used to power apps which will be launched on the platform in the future. The total fundraising goal for the ICO is $1225 million, but the company has already managed to raise $50 million through the private sale of the token to institutional investors before the ICO, according to CoinDesk.

Kin ICO in Two Stages

The token, called Kin, became available to the broader public today in two stages. First, the sale beginning today allows for investors to buy up to 15.2 ETH worth of Kin tokens. If that limit is not reached, remaining tokens will be sold off tomorrow.

Even in the early stages of the ICO, preliminary figures have shown that Kik is performing at comparable levels to other ICOs which attracted similar degrees of attention from the tech world. Kik has so far not confirmed the amount raised through the ICO so far, indicating instead that the final fundraising totals will be posted for public use on its website tomorrow, once the ICO is complete. Regardless of how much Kik ends up collecting over the span of these two days, the ICO total continues to grow: more than $1.8 billion has been raised through this method, which only took off earlier in the year.

Some Issues Remain

Although it’s likely that Kik’s fundraising efforts will be successful, that doesn’t mean that the ICO is free from troubles. Before the ICO was activated, a fake URL spread quickly online suggesting that the ICO had opened 40 minutes before the official launch time. That particular scam address managed to accrue more than $20,000 in ether payments. This is perhaps just the latest in a string of fraud attempts which have been linked to ICOs. Earlier in the summer, ICO scammers managed to steal about $500,000 in ether tokens from backers of the Engima blockchain project.

Kik has also seen criticism of its code, including as recent as yesterday, when smart contracts security agency Zeppelin Solutions reported issues. This prompted an outlash on Twitter, with blockchain researcher Udi Wertheimer positing that the fact that Kik had not addressed the issues before the launch of the ICO was “unbelievable.” Regardless, initial interest in the Kin token sale seems to be strong, although investors will have to wait until the ICO is over in order to learn exactly how much fundraising power the launch had attached to it.

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