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Canadian-based Kik Said It Will Take on SEC Over ICO

Kik, a Canadian-based cryptocurrency social media startup, has warned the SEC that it would fight back against alleged securities infractions. As first reported by the Wall Street Journal, Kik is fighting back regarding its 2017 initial coin offering (ICO).

Kik Fights Back

During its ICO, the Canadian-based app company raised almost $100 million in ‘kin’ tokens. At the time, the SEC was cracking down hard on ICOs and deeming them as “unregistered securities.” Jay Claton, the SEC Chairman, made a firm stance on ICOs in February of 2018 and said, “I believe every ICO I’ve seen is a security.”

Clayton added:

“I want to go back to separating ICOs and cryptocurrencies. ICOs that are securities offerings, we should regulate them like we regulate securities offerings. End of story.”

It seems Kik has now decided to fight back. Yesterday, the founder and CEO, Ted Livingston, published a blog post in regards to the report issued by the Wall Street Journal. In this post, Livingston stated the crypto startup was ready to take action and go head-to-head with the SEC.

This news comes after the startup was issued a Wells Notice by the SEC on November 16th, 2018. The notice outlines why they believe there was a securities infraction. Immediately following the notice, Kik issued its Wells Response rebuttal on December 7th.

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Now, Kik is waiting to see if the SEC commissioners will make a case against them. The company isn’t challenging the SEC to change its laws to fit crypto but rather is challenging its definition of an investment contract under securities laws.

Kik’s Wells Response explains:

“The Commission has strayed well beyond the scope of its statutory authority to regulate the offer and sale of securities. But [this] attempt to water down the Howey analysis to expand its regulatory authority will not stand up to meaningful judicial scrutiny.”

It remains unknown how long it will take the SEC to respond to Kik’s challenge.

Featured Image: Kik

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Kin Ecosystem | Choses 40 Developers to Build it’s Digital Services Apps

The Kik mobile messaging service announced back in May 2017, that it would be launching a new cryptocurrency named Kin as the first step to developing its Kin ecosystem; a decentralized ecosystem of digital services.

Jump forward to September 2017 where Kik successfully concluded it’s token sale and raised nearly $100 million from across 117 countries. 

Now — today, this decentralized ecosystem is truly underway as the company announced its approval of 40 developers to participate in its first ‘Kin Developer Program’.

But what is this and what will these developers do?

Kin Ecosystem

The chosen 40 developers will make applications that take advantage of the Kin cryptocurrency and once they successfully launch Kin-integrated apps over the next six months the developers will receive a financial incentive in the tune of $60,000 (or 400 million Kin).

The 40 applications will integrate the Kin Ecosystem Software Development Kit (SDK) into current existing apps. Areas of focus include

  • messaging/chat space
  • gaming
  • productivity
  • networking
  • e-commerce
  • content-sharing
  • health
  • education categories

Two examples are apps such as Nearby — a social networking app used to meet new friends, and Vent, an emotion-sharing platform.

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Kik President Dany Fishel said in a statement:

“The Kin Developer Program allows us to harness the creativity of the global developer community to achieve our goal of becoming the most-used cryptocurrency in the world, […] We received proposals that plan to integrate Kin in new and exciting ways, and we are eager to work with these developers to build real consumer use cases of cryptocurrency.”

An Ecosystem of Digital Services

The goal for Kik is to use the Kin cryptocurrency as the basis of an ecosystem of digital services. Recently, the company signed a deal with Unity, to integrate Kin into the Unity Asset Store.

The hope now is to sign more partners similar to Unity which will expand the Kin ecosystem. The ideal scenario is, of course, a wider mainstream adoption of the cryptocurrency. 

Featured image: Deposit Photos/ohmega1982

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