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Ted Livingston, CEO of messaging app Kik, spoke on stage at TechCrunch’s event in Shenzhen, China on Tuesday. Moderator Jon Russell asked him about why the company is doing an initial coin offering (ICO), a newly popularized method of fundraising.

We are, I believe, in an interstitial zone when it comes to payments. Credit cards are still king – just ask Square – and NFC is just a dream in most countries. That’s why Coin is so interesting. It’s a credit-card-sized device that holds other credit cards, allowing you to swap from card to card and even store gift cards inside its ultra-thin innards.