KIN Ecosystem Growing Despite Legal Challenges

Despite being troubled by legal challenges, the Kin developers team seems to be doing a good job pushing for the KIN’s adoption. On Sep 24, the team announced the #KinChallenge to encourage the integration of KIN in third-party apps and games.

The winner has been decided by the Kin community and won $5,000. There were 265 participants, 38 submissions, 27 projects and 23 live apps with Kin.

The winner of the competition was Altcoin Fantasy, an app to learn about cryptocurrencies and learn crypto trading completely risk-free without investing your own money. Second place went to Vue Live, a video streaming app with Kin where users can create a live stream and share their unique Vue.Live link with your fans and followers.

Parent company Kik Interactive has sold its popular mobile-messaging app, just weeks after founder and CEO Ted Livingston said he planned to shut down the service amid the company’s ongoing battle with regulators who alleged Kik’s $100 million worth of cryptocurrency fundraising violated securities laws.

Kik Interactive, is currently entangled in a legal fight with the U.S. Securities and Exchange Commission (SEC), which alleged that the company violated securities law during its ICO where it collected $100 million in a token sale in late 2017. Former KIK CEO, Ted Livingston stated he plans to enter a legal battle with the SEC, but announced in late September that Kik would be shutting down the messaging app portion of its business. Only days after that announcement, news of platform being sold to the news owners was released.

Amidst the turmoil, the KIN market price tanked to a ridiculously low price, with no end to the nosedive. Since the tumult of closing/selling the Kik app, the KIN token lost more than 45% of its value, down to $0.000005. And KIN even did something remarkable: it proved that it is possible for a coin to plunge under 1 Satoshi in value.

The current KIN digital asset trades in excess of 90% on CoinTiger, an obscure Singapore based exchange that reports huge trading volumes even though no-one considers it a serious crypto exchange in the mainstream circles.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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