Kik News Application was acquired by MediaLab

According to Kik's official website, the Kik news application in the US Securities and Exchange Commission (SEC) litigation vortex has been acquired by MediaLab. The news platform developer Kik Interactive previously announced that it will close the app in October, but later the company's CEO Ted Livingston announced that a company has signed a letter of intent to acquire the app. At that time, it did not disclose the details of the specific transaction. The company said, "We believe Kik will have a good future." Although MediaLab plans to work for Kik for a long time, the company is looking to increase revenue through the messaging application and will integrate advertising services into the platform in the short term. This is exactly what Livingston once opposed. Kik Interactive is currently mired in legal proceedings in the SEC, accused of violating securities laws by raising $100 million through token sales at the end of 2017. In order to focus on the lawsuit, Kik said in September that it would close the messaging app. However, it will continue to build an ecosystem that relies on Kin tokens.