RATE Group | Kik is shutting down its messaging app to focus on SEC cryptocurrency fight
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Kik is shutting down its messaging app to focus on SEC cryptocurrency fight

20 Oct Kik is shutting down its messaging app to focus on SEC cryptocurrency fight

Posted at 21:57h in Cryptocurrency News by

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The saga of Kik — the once-popular messaging app — is getting even stranger. CEO Ted Livingston has announced that the company is shutting down the Kik messaging application and focusing entirely on its Kin cryptocurrency. It’s an effort for the company to save money as it battles the Securities and Exchange Commission over whether its initial coin offering (ICO) should count as a security.

The SEC alleges that the company was using the $100 million Kin ICO as a last bid “hail Mary” to try to turn things around after a decline in popularity. Thet the subsequent lawsuit over the initial coin offering is what’s ultimately causing Kik to shutter. ironic, to say the least.

Livingston notes that in order to continue fighting the SEC, the company is taking three actions: shutting down Kik entirely, firing over 100 employees to reduce the company to “an elite 19 person team,” and focusing exclusively on “converting Kin users into Kin buyers.”

The plan to keep…

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