Kik Messaging App Now Has New Owners

Must Read

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be held at...

Bitcoin Eyeing $11800 After Intense Drop

As we saw earlier today, Bitcoin started by declining from $11349 to $11176, roughly 1.76%.

USDT Is A Game Changer For Online Poker

CoinPoker - the flagman of the industry, the biggest and the oldest pure crypto poker...
- Advertisement -BTCClicks.com Banner
Earn Free Bitcoin

MediaLab, a Santa Monica-based holding company, has finalized an agreement with Kik Interactive to acquire the Kik messaging platform.

MediaLab sees the long-term potential of Kik and Kin token

On Oct. 18, in a blog post to the millions of members of the Kik community, MediaLab announced that it has acquired the Kik messaging app and explained how the acquisition will impact the app’s future.

MediaLab said that the company is committed to Kik for the long term and believes that “Kik’s best days remain ahead of it.”

While not providing many details regarding work on Kik’s native Kin (KIN) token, MediaLab stated that it sees long-term potential in the token project, and will continue work on Kin with Kik founder and CEO Ted Livingston.

In a move to ensure sufficient revenue, MediaLabs is introducing ads to the platform over the coming weeks, an idea that many of its users have pushed back against in the past. MediaLabs said, “We plan to do it in a way that it is non-intrusive, and in no way takes away from what makes Kik great.”

MediaLabs also highlighted its plans to eradicate spambots and unwanted messages, make the app faster and more reliable, and reduce the number of bugs.

Taking on the SEC

Kik has been embattled with the United States Securities and Exchange Commission (SEC) over the last year. The SEC claims that Kik violated securities law when it raised almost $100 million in its Kin token offering in late 2017.

Livingston stated on multiple occasions that they will fight U.S. regulators over the future of the native Kin (KIN) cryptocurrency “no matter how hard it is.” Livingston said:

“We have to keep going. Until that’s it, we don’t have a dollar left, a person left. We will keep going no matter how hard it is.”

Livingston recently reported that the firm will shut down the Kik app and reduce its staff down to around 10% of the current count. Livingston said that this move is a direct result of the SEC lawsuit, as the company is being drained of its funds.

However, in an apparent reversal of earlier plans to shut down in the midst of legal difficulties, the companyrevealed on Oct. 14 that it’s “here to stay:”

“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.”

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

USDT Is A Game Changer For Online Poker

CoinPoker - the flagman of the industry, the biggest and the oldest pure crypto poker room is the first to...

DeepTradeBot: The innovation of large companies at your service

DeepTradeBot is a collection of automated trading tools developed by Deep Neuro Networks LTD, a London, England-based company dedicated to artificial intelligence and...

Flyp.me Instant Crypto Exchange Now Supports REN Token Trading

Decentralized finance is leading the way of the cryptocurrency industry, with the REN Protocol at the front. REN Protocol is...

BLOCKCHAIN OVERCOMES POSSIBILITY OF FRAUD, LACK OF TRANSPARENCY AND TRUST IN THE GAMBLING INDUSTRY

DATE: 07/08/2020 In a recent study carried out by the UK Gambling Commission reveals that the gambling industry has...