Social Cryptocurrency Kin Selects 40 Apps for $5 Million Developer Incubator

The Kin Ecosystem Foundation, creator of the cryptocurrency backed by social media company Kik Interactive, has selected consumer 40 apps to participate in the inaugural edition of its development incubator.

Announced on Wednesday, the program, which will fund 40 out of the more than 200 projects who submitted applications, will primarily feature new apps, though it also attracted more than a dozen apps that already have a combined active user base that numbers in the millions. That’s also 60 percent more than the 25 projects the foundation had originally planned to accept into the program.

The goal of the program is to fund the development of miniature in-app “kin economies,” bootstrapping the adoption of the cryptocurrency that last year raised $98 million through an initial coin offering (ICO).

“The Kin Developer Program allows us to harness the creativity of the global developer community to achieve our goal of becoming the most used cryptocurrency in the…