Kin Partners With Social Entertainment App MadLipz, Bring Crypto to 40 Million Users

MadLipz, a social entertainment app that lets its users express themselves through short videos, has recently integrated Kin, a cryptocurrency launched by Kik, in a move that introduced 40 million users from over 100 countries to cryptocurrency.

According to data shared with CryptoGlobe, MadLipz has users creating content in over 80 languages, and in the past year alone has been downloaded over 29 million times. This allowed it to become number one in overall rank in 20 countries on the iOS App Store, and in 8 countries on Google Play.

The cryptocurrency’s integration means MadLipz’ users are now able to earn, gift, and receive Kin through the app. To earn the cryptocurrency on the platform, users have to do specific actions, like updating their profile pictures and generate content.

Currently, the app has between 1.1 and 1.3 million weekly active users (WAU), and 20% of them are actively earning Kin tokens. This means that every week, between 220,000 and 260,000 users earn the cryptocurrency.

This notably makes MadLipz one of the most successful apps that have integrated Kin, beating augmented reality beauty app Perfect365 – which reportedly has over 100 million users – and over 30 other competitors. According to a website tracking Kin usage, ahead of it is an app called Nearby and Kik’s own app.

In a statement sent to CryptoGlobe the company’s founder and CEO, Amir Alikhanzadeh, stated:

Our quick rise in ranking shows that the Kin integration is well received by our engaged user base and in the future Kin will be used by our users and potential partners alike through user-centric experiences.

Alikhanzadeh added that MadLipz’ initial rollout was “limited in spend opportunities,” and noted that in the future users will be given more ways to spend cryptocurrency within the app, as its goal is to become number one.

To date, a whopping 1.5 million Kin wallets have been created through the app. As CryptoGlobe covered, one of the first apps to integrate Kin was Kinit, which lets users earn the cryptocurrency through surveys and other tasks that come from companies like Red Bull and Swarovski.

Through Kinit, users can spend their Kin tokens on gift cards or transfer them to other users. Currently, the cryptocurrency is trading at $0.000047 per token, and CryptoCompare data shows it’s tradeable on various exchanges, including IDEX, HitBTC, Yobit, Etheremium, and more.

Featured image courtesy of MadLipz

Tether Gold (XAU₮): A New Tokenized Gold Product Built on Ethereum and TRON

Siamak Masnavi

On Thursday (January 23), Tether launched a new product called Tether Gold (XAUt), which is a crypto token -- available as an ERC-20 token on the Ethereum blockchain and as a TRC20 token on the TRON blockchain -- representing "ownership of one troy fine ounce of physical gold on a specific gold bar" held in a Swiss vault. 

Paolo Ardoino, CTO at Tether, had this to say:

There is growing demand for digital exposure to physical gold, making the launch of Tether Gold a timely innovation in the crypto ecosystem. Tether Gold provides the combined benefits of both physical and digital assets, removing the drawbacks of holding gold in more traditional ways, such as high storage costs and restricted access.

The XAUt token "can be transferred to any on-chain address from the purchasers' Tether wallet where it is issued after purchase." A particular gold bar(s) "will be associated with each on-chain address where Tether Gold is held."

The allocated gold is "identifiable with a unique serial number, purity and weight" and XAUt token holders are able to verify "the details of the gold bars associated with their address" via the Tether Gold product page on the Tether website. 

Tether Good Lookup.png

Tether Gold is a cryptoasset issued/sold by TG Commodities Limited (a UK company incorporated in December 1998). Each XAUt token represents "one troy fine ounce of gold on a London Good Delivery gold bar" and may be "fractionalized up to six decimal places (i.e. in increments as small as 0.000001 troy fine ounce)." 

Here are a few more important things you should know about Tether Gold:

  • You need a verified account with TG Commodities Limited if you want to buy XAUt directly from its issuer. The minimum purchase amount is 50 XAUt (worth approximately $78,250 as of 23 January 2020). The purchase price must be paid in USD.
  • XAUt tokens can be traded on supported exchanges (such as Bitfinex) "in fractions as small as the exchanges permit.", but you do need to pay 
  • There are no custody fees, but you do need to pay "a one-time 25 basis point fee at the time you purchase an XAUt from TG Commodities Limited and certain additional fees on redemption." 
  • To redeem Tether Gold tokens, you need a verified account with TG Commodities Limited. You must have at least "one full bar of gold worth of tokens" in order to use the redemption service. The physical gold can be delivered to either somewhere in Switzerland or the XAUt token holder can ask TG Commodities Limited to sell their physical gold and receive USD from the proceeds of the sale. 

Featured Image Credit: Photo via Pixabay.com