Kite Launches Token with $263 Million Trading Volume in Initial Hours
- Kite’s native token launched with a market capitalization of $159 million.
- The fully diluted valuation (FDV) reached $883 million shortly after launch.
- Total trading volume across exchanges, including Binance, Upbit, and Bithumb, hit $263 million.
- Kite raised $18 million in Series A funding, totaling $33 million to date for development.
- The total supply of the token is capped at 10 billion, with allocations for community (48%), investors (12%), and team/early contributors (20%).
The launch of Kite’s token marks a significant event in the cryptocurrency market, particularly within South Korean exchanges where it saw robust trading activity. The funding will support the development of an AI-driven payments ecosystem that facilitates machine-to-machine transactions.
In its first hours, Kite’s trading volume reached an impressive $263 million, highlighting strong investor interest in its innovative approach to payments and governance on the blockchain.(Source)
