Kik Sells Messaging App, Reaffirms Kin Crypto Integration

The Kik messaging platform has been bought by MediaLab, a holding corporation which operates Whisper and a number of other apps, the corporation introduced Friday.

Kik Interactive, the corporation guiding the messaging platform, previously introduced that it would be shutting the app down in Oct, even though CEO Ted Livingston introduced very last 7 days that a corporation had signed a letter of intent to order the app. Specifics of the sale were being not disclosed.

“We imagine that Kik’s very best times continue to be in advance of it,” the web site write-up browse. Whilst MediaLab strategies to commit to Kik extended-term, the corporation is on the lookout to elevate earnings as a result of the messaging app, and will integrate adverts on the platform as a shorter-term effort to do so. (Livingston has previously pushed again versus the idea of enabling adverts on the platform.)

Kik Interactive, the corporation guiding the messaging platform, is presently embroiled in a legal combat with the U.S. Securities and Exchange Fee (SEC), which alleged Kik violated securities regulation when it lifted $100 million in a token sale in late 2017. Livingston vowed to combat the SEC, but introduced in late September that Kik would be shutting down the messaging app portion of its business. Livingston instantly attributed this shutdown to the SEC combat in a web site write-up at the time.

Livingston did pledge that the corporation would keep on to make out the Kin ecosystem, referring to the cryptocurrency Kik constructed as section of the token sale system.

In Friday’s web site write-up, MediaLab claimed the messaging app would keep on to empower kin transactions, producing:

“We are followers of Kin and imagine in its extended term opportunity. We are excited to additional lover with Ted and his staff on expanding the Kin integration and have strategies to additional guidance the project. We’ll have far more to share on that entrance soon.”

Going forward, MediaLab strategies to improve the app, lessen the number of bugs, and solicit opinions from the app’s customers to ascertain what functions they want or issues they have.

“Ted Livingston and the rest of the staff at Kik have invested the very last 9 decades constructing a thing certainly distinctive,” the announcement browse. “At the possibility of sounding cheesy we are nevertheless passionate believers in what the world wide web promised to convey in its early times – a connected and shared working experience amongst individuals regardless of geography or time zone. Kik is one of these amazing destinations that brings us again to these early aspirations.”

Ted Livingston graphic by using CoinDesk Live