And the Ecosystem is close to adding a lot more firepower. So while the SEC might be able to push us around, taking on the broader Kin Ecosystem will be a much bigger fight. Kin is a currency used by millions of people in dozens of independent apps. The problem could be on the server of Kik. You should consider restarting your device since the process is not on your end. Kin operates on an open, decentralized infrastructure run by a dozen independent companies. This should be done after you have checked your internet connection and you are sure that it is not the source of the problem. In the Medium post, he added: “But no matter what happens to Kik, Kin is here to stay. It is going to downsize to only 19 people from over 100, despite advertising new roles on its Facebook page only last week, with a vision to develop Kin further. The company is understood to be defending the SEC’s claim. More than a decade after it first launched, Kik is still. Essentially, it’s just a free messaging app that allows you to use your email address to sign up and automatically moves all your phone’s contacts over onto the app. However, following the launch of the cryptocurrency, the US Securities and Exchange Commission (SEC) has sued the company accusing it of illegally selling Kin tokens by failing to register the sale, which is one of the reasons Livingston is shutting down on Kik to focus on Kin. Kik appeared as the new kid on the block, allowing iPhone and Android users to get in on the instant messaging fun. Today millions of consumers and hundreds of developers have come together to build this better future with Kin.” Speaking about the Kin project, Kik’s CEO Ted Livingston took to Medium to say: “Two years ago we set out to build a new economy that offered equal opportunity to billions of people. Thanks to this, the coin is one of the most used cryptocurrencies in the world with 600,000 monthly active spenders of the coin. Kik’s life as a messaging app is now over as the company appears to be moving more into the cryptocurrency space.Ībout two years ago, it launched a cryptocurrency named Kin and raised nearly $100 million in an ICO (sort of like crowdfunding but for crypto). In response, Kik said it was “constantly assessing and improving its trust and safety measures”. The app has also proved controversial and a BBC News investigation in 2018 suggested it had featured in 1,100 UK child sexual abuse cases police had investigated in the past five years. MediaLab owns a number of other digital assets including Genius, Imgur, WorldstarHipHop, DatPiff, and many more. In a blog, Kik Interactive said the decision had been forced on it by a legal issue with the US Securities and Exchange Commission (SEC) over Kin.Kik Messenger is shutting down despite the service having millions of active users around the world.Īfter launching in 2009, Kik quickly rose to the tops of the App Stores and then slowly veered off but it’s remained popular in the US, with around 300 million users, most of which are teenagers. The Kik Messenger, since October 2019, is owned by the Los Angeles-headquartered holding company MediaLab. The company said it was closing down the messaging service so it could concentrate on the Kin cryptocurrency it has also created. This was deliberately changed when MediaLab acquired Kik Messenger, saving it from a death row.Kik is shutting down its popular but controversial messenger app despite having millions of active users around the world. At that time and to also streamline the shifting process, Kik's original announcement was followed by the company saying that it would fire more than 100 employees. Seeing this venture as more promising, Kik's CEO and founder Ted Livingston decided that Kik should focus more on Kin Coin by shutting down Kik Messenger. Instead, the company raised nearly $100M in a high-profile initial coin offering (ICO) on the Ethereum blockchain. It was in 2017 that Kik started deciding against more VC funding. This investment earned the company a billion dollar valuation. In August 2015, Kik received $50 million investment from Chinese Internet giant Tencent, the parent company of the popular Chinese messaging service WeChat. It also contributes to the documentation and analysis of artefacts created by Kik messenger, beneting law enforcement. The app has also been criticized as unsafe for minors because of its anonymity features and allegedly weak parental control.ĭespite and apart from these, Kik was indeed popular.įive years after its founding, Kik had raised a total of more than $70 million. were used to develop open-source software that can be used to extract and present Kik artefacts, and can likewise be used by other software developers to create more forensic tools that can accurately retrieve relevant data. In the past, Kik Messenger has drawn numerous controversies due to its reported involvement in a number of child exploitation incidents.
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