Kik CEO has a plan to keep its messaging app alive—with Kin too?

The Kik messaging app, thought to have closed down as the Kik Corporation fights its ongoing battle with the SEC, yesterday announced in a tweet that Kik is “here to stay”. 

Details are “coming soon,” but a previous tweet by Ted Livingston, the CEO of Kik, October 7 said that the 300 million strong messaging app had signed a letter of intent with another company. “They want to buy the app, continue growing it for our millions of users.”

Livingston also claimed that the potential purchaser wants to keep Kik’s integration with Kin, its blockchain network with almost 800,000 monthly users. Kik’s tweet yesterday did not confirm this, but said that further details would be coming soon. 

Kik had previously announced late last month it would shut down its messaging app to fund its battle with the SEC, as well as cutting its staff from 100 to just 19. Back in June, the SEC said that Kin’s ICO, which raised $100 million, was unregistered. The Kik corporation has aggressively retaliated, spending millions of dollars to overturn the SEC’s ruling.

The SEC’s press release at the time stated that, despite the amount of money Kin raised, Kin tokens traded at “about half of the value that public investors paid in the offering.”

Kin’s value has since tanked even further. Despite almost 800,000 monthly users, its daily trading volume is less than a million, and its coin is worth just $0.000008, meaning that those who bought it at launch have lost 92 percent of their original investment. 

Ouch!