Kik Announces It’s ‘Here to Stay’ in Apparent Reversal of Fortunes
Marie Huillet's original article for cointelegraph.com reduced by 57%
Canadian social media and messaging app Kik has revealed it's "Here to stay," in an apparent reversal of earlier plans to shut down amid legal difficulties. "Great news: Kik is here to stay!!!!AND there's some really exciting plans for making the app even better. More details coming soon.
Stay tuned." As previously reported, Kik had been embroiled in a costly legal battle with the United States Securities and Exchange Commission over its initial coin offering's designation, with the regulator suing the company for having conducted an allegedly unregistered $100 million token offering. Having pared down its workforce from 151 to just 19 and mulled a complete shutdown - according to a blog post from CEO Ted Livingston late last month - the company closed the Kik X beta platform on Sept. 27.
"Some exciting news: we may have found a home for Kik! We just signed an LOI with a great company. They want to buy the app, continue growing it for our millions of users, and take the Kin integration to the next level. Not a done deal yet, but could be a great win win.
More soon". With further details of the game-changing deal still to be announced, Kik's apparent decision to close had meanwhile been harshly criticized among community members. The Kin cryptocurrency has also seen a steady decline - no doubt in part due to broader market conditions, yet unlikely helped by the company's seemingly intractable difficulties.
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CN [too long; didn’t read]
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