The Blockchain Association, a collective of advocates involved with the blockchain business, has taken over the Defend Crypto fund discovered by Kik

According to an official web log post on June 28, Kik — the corporate behind Kik messenger and also the kin (KIN) cryptocurrency — believes that the Blockchain Association “will be within the best position to objectively portion the resources to the best impact initiatives” and has chosen it to steer Defend Crypto.

The announcement conjointly stresses that it'll portion resources for legal initiatives not only for Kik, stating:

“If we tend to are going to Defend Crypto, we want to do it as a collective. thus nowadays we are announcing that going forward the Defend Crypto fund are going to be used to support alternative projects fighting their own battles and litigation that impacts the broader crypto industry.”

Kik, for its half, founded Defend Crypto in May and allotted $5 million to fight charges brought by the us Securities and Exchange Commission in what Kik believes are going to be a precedent-setting case.

Kik has reportedly raised an extra $1.6 million through Defend Crypto donations, which can be strictly allocated to those different non-Kik initiatives, additionally to a $500,000 contribution via the companies provide of Kin.

As antecedently reportable by Top Market Group,Kik allegedly created misleading claims to the SEC regarding its blockchain activity. Kik is claimed to possess reported that its daily blockchain activity has been more than those of ether and bitcoin, still as having over 300,000 users creating KIN transactions. per Coin Metrics, however, several created accounts for Kin have not been used, and also the blockchain’s incomparable high for accounts holding over 10,000 kin has been 35,000.

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