Kik Messaging App Updates, Plans to Stay Operational with Upgrades Coming Despite US SEC Case
Canadian born instant messaging app Kik recently announced to its faithful on its twitter handle that it is “here to stay” despite all the recent inconveniences associated with the United States Security Exchange Commission (SEC).
At a point where Kik is currently facing legal difficulties, Ted Livingston the CEO to KIK messaging app recently disclosed that the app currently has 300 million active users and that plans are underway with another company to buy the app. He revealed that the app was being bought with an intent to take the Kin integration to a whole new level.
The takeover is also being aimed at improving services for the millions of current users logged into the system at the moment. Kik messaging app is currently involved in a legal financial battle with SEC over an alleged $100 million token transaction that was apparently unregistered according to SEC.
The CEO to Kik messaging app pointed out that the new buyer is looking forward to keeping and expand the application’s close relation to Kin cryptocurrency whose monthly users currently stand at over 750,000 users. SEC’s claim, however, is that Kik’s Initial Coin Offering raised an estimated $100 million which was unregistered.
SEC’s management however viciously refutes these claims and has gone to the extent of spending a lot of money in a bid to reverse the recent ruling from the Security Exchange Commission.
Friend or Silent Assassin?
At the time of their press release, the Security Exchange Commission disclosed that tokens were trading at about half the same value paid for the offerings by public investors. All this is despite the amount of money raised by Kin cryptocurrency.
Buyers have been losing their investment at a drastic rate closing in at almost 90 percent of their initial investment. On a normal scale that is quite an astronomical figure which leaves the question,
“is the risk really worth the reward?.”