The Kik messaging app has been purchased by MediaLAb which is a holding company that operates Whisper and many other apps according to the company announcements that we are reading more about in the blockchain news below.
Kik Interactive, which is the company behind the Kik Messaging app, announced back on Friday that it would be shutting the app down in October and the CEO Ted Livingston announced last week that the company has signed a letter of intent to purchase the app. The details, however, were not disclosed. According to the blog post, MediaLab plans to stay with Kik in the long-term and the company is looking to raise revenue via the messaging app and to integrate ads on the platform as a short-term effort. The blog post read:
“We believe that Kik’s best days remain ahead of it.”
Kik Interactive is the company that is behind the messaging platform and it is currently in the middle of a legal fight with the US Securities and Exchange Commission which claims that Kik violated securities law when it raised $100 million in a token sale back in 2017. Livingston vowed to fight the regulator but announced later in September that Kik will be shutting down the messaging app and he also attributed this shutdown to the SEC fight in a blog post at the time. Livingston pledged that the company will continue to build out the Kin Ecosystem referring to the crypto KIK which was built as a part of the token sale process. MediaLab said that the messaging app will continue to enable kin transactions by writing:
“We are fans of Kin and believe in its long term potential. We are excited to further partner with Ted and his team on expanding the Kin integration and have plans to further support the project. We’ll have more to share on that front soon.”
Going Forward, MediaLab plans to improve the app and remove the number of bugs. According to the announcement, Ted Livingston and the rest of the team have spent 9 years to build this app that was really special and “At the risk of sounding cheesy we are still passionate believers in what the internet promised to bring in its early days – a connected and shared experience amongst people regardless of geography or time zone. Kik is one of those amazing places that bring us back to those early aspirations.”
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