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KIK to shut down on 19th October as CEO announces to focus on cryptocurrency

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Kik messaging app to shut down on 19th October. The app had 300 million active users around the world. The CEO announced to shut down the messaging app an to only focus the cryptocurrency Kin. Earlier SEC filed a case against the company for issuing illegal ICO

KIK CEO earlier announced to shut down the messaging app amid controversies and the lawsuit that the company is facing from the SEC. CEO Ted Livingston revealed that the company is laying off more than 100 employees to save resources. The company has decided to focus on its cryptocurrency Kin. The company secured $100 million in its ICO for Kin 

 Livingston in a blog wrote that SEC only left them with two choices either they list Kin as security or fight them in court. The company chose the latter option. CEO believes that fighting with SEC would require them to save their resources, and that’s why they decided to shut down the messaging app.

 Since the CEO announced to shut down KIK, the average rating for the platform has been falling, which indicates that users are not happy with the company’s decision. Currently, Kin has over 2 million monthly active earners. CEO has set a goal of getting millions of people to buy Kin and use it. The company secured $100 million in its ICO for Kin 

Last month Kik launched a $5 million crypto initiative to funds its lawsuit against the SEC, which was taken over by Blockchain Association. Let us known in comments what do you think about the Kik’s cryptocurrency and its future. 

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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