Kite, an artificial intelligence (AI)-powered payments blockchain, launched its native token on Monday, generating significant trading volume on South Korean exchanges Upbit and Bithumb.
The token debuted with strong overall market activity, reaching a market cap of $159 million and a fully diluted valuation (FDV) of $883 million in the first few hours of trading, according to data from CoinMarketCap.
Binance had a trading volume of over $85 million, with similar numbers achieved by Upbit and Bithumb, with a total trading volume of $263 million at the time of writing.
The launch follows Kite’s $18 million Series A in September, bringing its total funding to $33 million. This round was aimed at accelerating the development of Kite’s base layer for AI-driven payments and autonomous agent systems.
Kite’s native token underpins its “agent economy, serving as a medium for payments, staking, and governance across blockchain networks. It enables machine-to-machine and agent-to-agent transactions, allowing autonomous AI agents to make payments, access data, and purchase computing resources.”
According to Kite’s whitepaper, the total supply of tokens is capped at 10 billion, with 48% allocated to the community, 12% to investors, and 20% to the team and early contributors.
