Following the news that Kin, a Kik-based crypto development subsidiary, has laid off 70 employees, Kik Interactive CEO Ted Livingston added that the company plans to close its popular instant messaging app.
The closure of Kik is directly related to the litigation of the company with the US financial regulator – SEC. The commission sued the Canadian company, accusing its representatives of selling unregistered securities as part of the ICO, which took place 2 years ago. Then the company raised $ 100 million.
Livingston said that the company has 19 key developers – they will continue to work with the KIN token, as the team continues to strive for the asset to continue to spread and as a result could become the real currency of the Internet. The head of the company drew attention to the fact that more than 2 million people conduct transactions with the KIN token every month, and although the closure of Kik will significantly reduce the number of users, the development of the Kin ecosystem will allow the company to recover. By the way, the company offered new jobs to all laid-off employees.
Against the background of the news, the KIN token rate showed a decrease – over the past 24 hours the rate has fallen by more than 30%, currently the token is being traded at a price of $ 0.000008.
