Started in 2010, the messaging application “KIK” will be shutdown by its parent organization, “Kin”, which needs to concentrate on crypto instead of messaging, with a fantasy to turn into the future currency of the web. Tragically, it has also downsized its workforce — down to 19 developers, as indicated by a story in Coinbase.
“Will, I know I’ve been drinking, but this ain’t the drink talking, I’m [fed] up with this shit.” ,also, along these lines, with a misled book from an evidently intoxicated CEO Ted Livingston, did informing application Kik arrive at the part of the bargain. And kik will soon be shutting down.
Kik is one of those Internet businesses that is loved by its users but which never quite reached the top shelf. Stats in Wikipedia indicated that, by May 2016, “Kik Messenger had approximately 300 million registered users, and was used by approximately 40% of United States teenagers.”
Kin the parent company of KIK , the application’s proprietor, has been associated with a legitimate contest with the SEC in the USA over endeavors to dispatch an underlying coin offering, as indicated by industry site Coinbase, which revealed that the Ontario-based Kik has been in an extended fight with the U.S. Protections and Exchange Commission (SEC) over the organization’s $100 million starting coin offering (ICO) in 2017. Guaranteeing that managing the SEC had cost the organization $5 million, Kik mounted a “Guard Crypto” crowdfunding effort in May 2019 that accumulated help from a bunch of key players. Notwithstanding, a cursing SEC grievance recorded in June painted the organization’s ICO as a final desperate attempt by Kik to remain above water.
In addition to being fed up with the SEC, CEO Ted Livingstone wrote: “I have my ticket. I’m not going to jail for this” in the text to an unknown recipient, who media reports suggest was likely Kin board member William Mougayar.
“Will, I know I’ve been drinking, but this ain’t the drink talking, I’m [fed] up with this shit.”
In a company blog, apparently no longer under the influence, Ted Livingstone stated, “After 18 months of working with the SEC the only choice they gave us was to either label Kin a security or fight them in court. Becoming a security would kill the usability of any cryptocurrency and set a dangerous precedent for the industry. So with the SEC working to characterize almost all cryptocurrencies as securities we made the decision to step forward and fight.”
Among the steps the business is taking he explicitly distinguished three:
- We will close down the Kik application;
- We will lessen our workforce to a first class 19-man group;
- We will concentrate on a certain something: changing over Kin clients into Kin purchasers.
Ceo of KIK, Ted Livingstone further noted, “Today most cryptographic forms of money depend on theoretical interest from trades to fuel their crypto plans of action. Be that as it may, Kin isn’t accessible on most trades, so we can’t depend on theoretical interest. Rather we have to turn into the principal venture that makes genuine interest by getting individuals to purchase Kin to utilize it. Accomplishing this will open up an at no other time seen wellspring of interest that will be accessible to everybody in the Kin Ecosystem.”
Ted further stated, “We are close. Kinfolk has more than 2,000,000 month to month dynamic workers, and 600,000 month to month dynamic spenders. While losing Kik will bigly affect these numbers, the proceeded with development of the Kin Ecosystem has more than compensated for it.”