POPULAR messaging app Kik has announced its no longer shutting down.
The chat service upset millions of users last month when it said the platform had to close so the company could focus on its cryptocurrency Kin instead.
Kik announced on its official Twitter page: “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.”
This comes after current CEO Ted Livingston tweeted on October 7: “Some exciting news: we may have found a home for Kik!
“We just signed an LOI [letter of intent] 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.”
The recent tweet from the official Kik account suggests that deal was a success.
The initial announcement about Kik shutting down came after the US Securities and Exchange Commission (SEC) filed a lawsuit against Kik claiming it had illegally raised $100 million through a 2017 digital-token sale.
The SEC claimed these tokens were financial assets, or securities, that the company was trading without the correct permissions but Kik denied this.
Livingston explained at the time: “Instead of selling some of our Kin into the limited liquidity that exists today, we made the decision to focus our current resources on the few things that matter most.
“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.”
He added: “Becoming a security would kill the usability of any cryptocurrency and set a dangerous precedent for the industry.
“So with the SEC working to characterise almost all cryptocurrencies as securities we made the decision to step forward and fight.”
Kik Interactive is cutting its staff down from around 100 people to just 19 people.
The changes will see the rate at which the company loses money drop by 85%, which should enable it to get through the SEC trial.
It will be using all of its time to focus on Kin and get more people to buy and use the online currency.
Livingston has said the company will be focusing on making Kin blockchain technology that can support billions of users making multiple transactions a day.
It will also be designing a cryptowallet to try and make buying and using Kin easier and making it more efficient for developers to use Kin in their apps.
What is the Kik messaging app?
Here’s what you need to know…
- Kik is a messaging app that can be used on Android and iPhone
- It doesn’t require a phone number, just a username
- It’s popular because it’s free and similar to Viber and WhatsApp because it’s encrypted
- It was initially launched in October 2010 by the Canadian company Kik Interactive
- The app has hundreds of millions of users around the world that are going to be disappointed that it’s shutting down
- The child protection head for the National Police Chiefs’ Council (NPCC) Chief Constable Simon Bailey claimed last year that “children are at risk” on the app because it allows users to join anonymously without giving a phone number
- More recently the US Securities and Exchange Commission sued Kik, claiming it had illegally raised $100 million through a 2017 digital-token sale
- It was announched in September 2019 that the Kik Messenger would be shutting down so that Kik Interactive can focus on its cryptocurrency Kin
- However, a new company has stepped forward and bought the app
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Are you happy that Kik is no longer cancelled? Let us know in the comments…
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