Kik messaging app shutting down

Messaging app Kik is officially shutting down, the company's CEO Ted Livingston has announced.

The reason for shutting down the Kik is not the lack of users or tough competition, but the company's focus on its Kik cryptocurrency, Fast Company reported.

Livingston said that the Securities and Exchange Commission (SEC) demanded Kik label kin as security or fight them in court. To fund the fight against the commission, the company has decided to let go of Kik and over 80 per cent of its workforce, and focus on converting kin users into kin buyers.