The Canadia social media messaging app has experienced a rough round of legal troubles over the course of this year. Luckily for the firm though they have been able to announce that they are here to stay following a reversal of earlier plans to shut down due to said legal problems.
The company announced the news on Twitter yesterday stating:
“Great news: Kik is here to stay!!!!AND there’s some really exciting plans for making the app even better. More details coming soon. Stay tuned.”
Previous reports have surfaced on Kik saying that the firm had been embroiled in a costly legal battle with the United States Securities and Exchange Commission, which crypto enthusiasts know of too well. With the regulator suing the firm over its initial coin offering designation and conducting an allegedly unregistered $100 million token offering.
Having pared down its workforce from over 150 to less than twenty, the company closed the Kik X beta platform on September 27th.
However, the hint of a turn in fortunes surfaced last week on 7th October after Livingston tweeted:
“Some exciting news: we may have found a home for Kik! We just signed an LOI [letter of intention] with a great company. They want to buy the app, continue growing it for our millions of users, and take the Kin integration to the next level. Not a done deal yet, but could be a great win win. More soon”.
With more details of the game-changing deal still to be announced, Kik's decision to close had meanwhile been badly criticised among community members. The Kin cryptocurrency has also seen a big steady decline which is no doubt in part due to broader market conditions.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!