Kik-ed the Bucket

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Kik was a messaging app that allowed its users to communicate with anonymity. The once billion-dollar valued company has announced that it will be shutting down after the lawsuit with the Security and Exchanges Commission (SEC) concerning the company's Initial Coin Offerings (ICO). Initial coin offerings are a form of cryptocurrency which acted as a sort of fundraiser for the company. The lawsuit happened over whether the ICO's are a security or not. A security refers to a negotiable financial instrument that holds monetary value. The SEC claimed the company did not properly register the offering and will shut down the messaging app. The long-winded battle drained much of the company's resources. Kik is responding with three distinct courses of action. The company is shutting down the messaging app, cutting or 100 employees, and diverting their focus to their cryptocurrency. Starting in 2010 and once serving over 300 million users, the legacy of Kik now ends. While the anonymity was the selling point that launched Kik over its competitors, the danger in allowing communication without verification presented a problem. Ted Livingston announced that the app will be shutting down, but the company, Kin, plans to keep fighting the lawsuit against the SEC. Being a former Kik user, I am interested to see where this lawsuit will go. I was unaware that Kin was the overarching company and Kik, a byproduct. Considering how closely related the two are, to keep fighting the lawsuit is risky to say the least. Still, I am hopefully for a prosperous future for Kin and the new direction it will take.

Until Next Time,
James

Comments

  1. Michael BernerOctober 2, 2019 at 7:22 PM

    It is crazy how this app is shutting down. I remember using Kik back in fifth and sixth grade. Honestly, I didn't know it still had enough users to maintain itself. Although, it is sad to see it go because of the kind of memories it brings back.

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  2. McKenna NewmanOctober 3, 2019 at 10:51 AM

    I was completely unaware of this. I just assumed Kik fell off the face of the Earth. I'm very surprised but now I am interested to see where this goes. I remember how popular Kik was when I was in middle school and I wondered how it would just stop being used. I will definitely keep an eye out for the results of this lawsuit.

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