Despite the messenger app, Kik has millions of active users all over the world, but it is shutting down its service. According to the company’s statement, it was shutting its service of messenger because it intense to focus on the Kin cryptocurrency that it launched. The interactive of Kik said in a blog, and they took the decision by a legal argument with the United States Securities and Exchange Commission (SEC) over Kin.
This decision also clears that the team of eighty staff members working on the Kik app for running it will be free now to get another job. However, the closing date of the Kik app did not announce by the company. The messenger app deployed on the app stores in 2010 and become famous among people, especially teenagers, because it did not require a phone number or other credentials from the user while registering an account on the messenger.
The Kik app got controversial in 2018 when BBC News investigation proposed that it had highlighted in eleven hundred United Kingdom cases of child sexual abuse that police investigated during the last five years. In a reaction to the investigation, the officials of Kik said that they taking the continuous measures to access and improve its trust along with safety.
Ted Livingstone, the interactive founder of Kik, said while writing about its decision to close the app and switching focus that the firm took the tough decision to shut down its messenger app service because it planned to dedicate all its devotion to the Kin cryptocurrency. He said that by closing down Kik and shrinking to nineteen staff members, the firm could cut its overheads by eighty-five percent due to which the company gets a better chance to win the legal race with the SEC.
Moreover, the founder acknowledged the trouble that closing decision would cause because it means laying off employees who had families and who had poured their souls and hearts into Kik and Kin development for more than a decade. The legal row rises as the SEC desired the Kin crypto-cash unveiling categorized following the same procedure as the initial stock offering for firms that floated on the stock exchange.
It said when Interactive of Kik launched Kin, and it effectively led an £80m ($100m) unregistered stock offering. Livingstone added, it had to struggle the categorization of Kin as security for the reason that this classification would kill its usability along with other similar crypto-cash systems. They decided to move forward and compete, he added.
Kik founder said that besides fighting in the court, Kik Interactive would also make efforts to convert the millions of current Kin users into more active buyers and customers. At present, Kin had monthly two million active earners and six lac monthly active spenders. And growing the Kin user’s community would make it more tough for the SEC to prevail. In the last, Livingstone added, together they will win.