Kik kills messaging app to focus on cryptocurrency

In a message announcing the move, the company's chief, Ted Livingston, revealed that Kik had worked with the SEC to solve the problem for 18 months. Unfortunately, the agency has announced to Kik that she would sue the company unless she qualifies her cryptocurrency, Kin, for security. "Becoming a security would kill the usability of any cryptocurrency and create a dangerous precedent for the sector," Livingston said. "So while the SEC was working to characterize almost all crypto currencies as securities, we made the decision to go ahead and fight."

Livingston also said Kik "underestimated tactics [SEC] would use "including" pull[ing] a long and expensive process to drain [its] "With downsizing, Kik will have the funds to deal with the lawsuit, but the company will also downsize to 19, affecting more than 100 employees. TechCrunch.

In the future, Kik will focus on his cryptocurrency and strive to turn the "Kin users into Kin buyers". The remaining employees will prepare Kin's blockchain to support a billion users making a dozen transactions a day. They will also build a mobile wallet that will facilitate the purchase of cryptocurrency.