Kik SEC
Kik Plans to Stay Operational with Upgrades Coming Despite US SEC Case
October 16, 2019
Kik SEC
Kik Plans to Stay Operational with Upgrades Coming Despite US SEC Case
October 16, 2019

Kik, the Canadian born instant messaging application, recently announced on Twitter 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 of Kik, recently declared that the app has currently 300 million active users and that plans are underway with another company to buy the app. He also revealed that the app was being bought with the 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. 

So, according to SEC, Kik messaging app is currently involved in a legal financial battle with SEC over an alleged $100 million token transaction that was apparently unregistered.

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However, Ted Livingston 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. But, SEC’s claim is that Kik’s Initial Coin Offering raised an estimated $100 million which was unregistered.

Likewise, SEC’s management viciously denies 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.

At the time of their press release, the Security Exchange Commission declared 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.

Thus, 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?”

Source: bitcoinexchangeguide.com

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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.