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The saga of Kik – the once popular messaging app – is starting to get even stranger. The CEO, Ted Livingston, announced that the company was going to close the Kik messaging app and focus entirely on its cryptocurrency Kin. It's an effort for the company to save money as it fights the Securities and Exchange Commission to find out whether its initial offer of parts (ICO) should be considered a security.
The SEC alleges that the company was using the $ 100 million Kin ICO as a last attempt, "Mary Grel", to try to turn around the situation after a decline in popularity. The lawsuit on the initial offer of coins is ultimately the cause of the closure of Kik. ironic, it's the least we can say.
Livingston notes that to continue to fight the SEC, the company is taking three steps: completely shutting down Kik, firing 100 employees to reduce it to a "19-person team" and focusing exclusively on "converting Kin users into Kin buyers. "
The plan to continue fighting the SEC seems quite ambitious, given Kin's current state and its close connection with the Kik app. As Livingston explains: "Today, most crypto – currencies rely on the speculative demand of stock exchanges to fuel their cryptographic business models. But Kin is not available on most stock exchanges, so we can not rely on speculative demand. "
Instead, the company plans to get customers who will buy Kin and actually use it – a big challenge for any cryptocurrency, let alone an opposition as strong as Kin's. Livingston said the company had a plan in this regard as well, with the remaining employees looking to expand Kin's blockchain to support more transactions, collaborate with Kin-enabled developers, and create a new mobile wallet for Kin. the purchase of Kin.
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