Kin, a cryptocurrency that enables apps and their users to exchange value online, announced today that MonkingMe, the music app that lets users legally download and stream music for free, is joining the Kin Ecosystem — giving both artists and listeners the ability to spend and earn Kin on the platform.
The Kin token will be added alongside MonkingMe’s current virtual currency, Bananas, and will roll out to Android users first before its global launch on both Android and iOS.
The purpose of the integration is to make streaming what it should be: built around the needs of musicians and their fans. By joining the Kin Ecosystem, both artists and listeners on MonkingMe will be able to exchange value online in the form of microtransactions — offering a new, unmediated way to engage with music.
Listeners will be able to tip their favorite artists, while artists can tip their biggest fans and participate in in-app promotional activities, such as Kin sweepstakes. As a result of the integration, MonkingMe will get access to Kin Ecosystem’s millions of users — creating an unprecedented network effect in consumer crypto adoption.
“MonkingMe is helping artists and content creators generate revenue from music downloads and merchandise, giving almost 100% of the earnings back to them,” said Alex Frenkel, GM of Kin Ecosystem. “By joining the Kin ecosystem, both artists and listeners will have a new way to enjoy and benefit from their engagement with music. Kin is money for the digital world where everyone is fairly compensated for the value they create online. We’re thrilled to add MonkingMe to the Kin Ecosystem.”
MonkingMe was established in 2014 with the revolutionary dream to not ban piracy, but to make it unnecessary. Since then, thousands of artists and record labels from around the globe have partnered with MonkingMe. In April 2019, MonkingMe passed the milestones of 1,000,000 downloads on iOS and over 800,000 on Android.
“We are excited to be part of this community and look forward to contributing to the decentralization of the Kin Ecosystem — always being constructive, sharing new ideas, and working to make the community even stronger,” said Miquel Tolosa, founder, and CEO of MonkingMe.
Nearly 6 million people currently hold the Kin token, with 500,000 spending Kin every month. There are currently more than 65 apps in the Kin ecosystem, where users can spend the token while interacting with apps related to fitness, finance, news and entertainment, communication and social, and gaming.