CEO of Kik and Kin cryptocurrency, Ted Livingston announced in a blog post that they are shutting down the Kik messenger app and reducing the staff to just 19 people. He wrote that they have only two options weather list Kin as security or fight SEC in the court. Livingstone chose the latter option.
According to Livingston if Kin became security, it would kill the usability of the cryptocurrency and would set a dangerous precedent for the industry. Livingston wrote that they don’t have enough resources to take on the SEC and will have to take tough measures, including shutting down the messenger app and laying off more than 100 employees.
Livingston also announced that they would solely focus on converting Kin users into Kin buyers. Kin raised almost 100 million dollars in its ICO in 2017 but SEC this year filed a lawsuit against the company alleging that the ICO was illegal.
The CEO plans to focus on the growth of Kin and making it available to millions of people. Nineteen people team would work on the Kin blockchain and would develop a mobile wallet for the cryptocurrency to make transactions easier.
Currently, Kin has over 2,000,000 monthly active earners and 600,000 monthly spenders. Livingston plans on getting at least a million people to buy the cryptocurrency. Let us know in comments what do you think about SEC trying to characterize all cryptocurrencies as securities.
