The story of Kik’s popular messaging service keeps getting weirder. CEO Ted Livingston announced that the company would be shutting down its messaging wing to focus solely on their cryptocurrency, Kin. It’s an attempt to save as much money as possible as the anonymous-messaging service provider battles the Securities and Exchange Commission over whether its initial coin offering (ICO) should count as security.
The SEC claims that the company was using $100 Million as ICO in a dire effort to save the sinking company and its popularity. The subsequent lawsuit over the initial coin offering is what ultimately caused Kik to take the decision.