RedBull and Swarovski Testing Cryptocurrency Tokens to Drive User Engagement
August 9, 2018 9:55 am
Kik, the Canadian messaging app created its own cryptocurrency Kin last year. This cryptocurrency was aimed at brands to help increase engagement with its users. The move was also actioned to differentiate the platform from Facebook.
Brands such as Red Bull and Swarovski have started conducting experiments with Kin. Tokens are provided to the fans in exchange for answering polling questions. This helps the brands better understand their user’s preferences.
Kin released its Android app called Kinit to the users which can also be used as a cryptocurrency wallet. This app allows users to earn Kin coins through brand engagement by way of quizzes, videos, and various surveys. It will also allow Kik to measure the performance of their $100 million dollar ICO.
Swelly was one of the first companies that employed Kik’s Kin platform. Notably, Swelly conducts polls and surveys on various brand platforms. The company uses a chatbot which targets the audience in the age range of 14-25 years. The main audience of this app is the US and European markets.
Peter Buchroithner, CEO, Swelly said that In the 2 years since the inception of Swelly, 200 million questions were answered by a user base of 8 million. Swelly has been conducting these survey questions for an increasing number of brands including RedBull and Swarovski. The company first planned to launch its own ICO, however, it found that using the Kin platform made better sense.