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Kik, the popular online chat tool that began its life in Waterloo, Ont. It's a result of the company's battle with the U. Securities Exchange Commission over its new cryptocurrency Kin. How they would pressure exchanges not to list Kin. And how they would draw out a long and expensive process to drain our resources. We are all in on Kin. Going forward we will be singularly focused on one thing: converting millions of Kin users into millions of Kin buyers.
As a result of the legal dispute, Livingston said the company would shut down the app, "reduce our headcount" by more than people — while keeping an "elite 19 person team" — and focus on cryptocurrency customers using Kin. Livingston says Kin has more than two million monthly earners and more thanmonthly spenders of the currency. He said the SEC wants to label Kin, along with most other cryptocurrencies, as a security, which would limit its potential to be a freely traded digital currency.
In its response, the company said the regulator consistently twisted the facts with quotations out of context in its filing. Livingston and a small group of his peers at the University of Waterloo founded Kik Interactive a decade ago as a way to break down messaging barriers between different kinds of mobile phones. Douglas Soltys, editor-in-chief of the tech news site BetaKit, says the app's history in the region and its shutdown will rattle the Canadian tech community, which is already fighting to compete with U.
Whenever we see canadian kik users drop, it's much more ificant," said Soltys. Soltys says the shutdown may lead to a sale or acquisition of Kik's IPO, because of the company's duty to its shareholders. Livingston said the job cuts would cut its spending rate by 80 per cent so the company should be able to get through the SEC trial with resources on hand.
It's more the middle or beginning," said Soltys. Pseudonyms will no longer be permitted. By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Please note that CBC does not endorse the opinions expressed in comments. Comments on this story canadian kik users moderated according to our Submission Guidelines. Comments are welcome while open. We reserve the right to close comments at any time.
the conversation Create. Already have an ? Kitchener-Waterloo Kik messenger service closing down, cutting 90 staff CEO says Kik, the popular online chat tool that began its life in Waterloo, Ont. Social Sharing. Clarifications An earlier version of the story stated Kik would lay off the vast majority of its workforce. The story has been changed to say "cut" as the exact legal disposition of the positions is unknown at this time.Canadian kik users
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Canadian company confirms free Kik Messenger app to shut