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Vitali Isaev
Vitali Isaev

Buy Kik Cryptocurrency [EXCLUSIVE]

Kin is an ERC-20 cryptocurrency token issued on the public Ethereum blockchain. Kin was first announced in early 2017[83][84] which marked a pivot in Kik's strategy, a response to difficulties faced from competing with larger social networks such as Facebook.[85] Kin was launched in September 2017 with an initial coin offering (ICO) raising $98 million from 10,000 participants.[86][87] The purpose of the token is to facilitate value transfers in digital services such as gaming applications and social media, and was initially launched on Kik Messenger to leverage the application's 15 million monthly active users.[88]

buy kik cryptocurrency

The enforcement division of the U.S. Securities and Exchange Commission considers the cryptocurrency offering to have been an unregulated security issue and is expected to begin legal action against the company. Kik has challenged the SEC's ability to regulate cryptocurrencies.[89]

We're excited to announce that we will be deepinging our partnership with Kin to give users on Kik more ways to earn and spend inside of the app! Kin is a cryptocurrency built for mobile applications. Kin allows users to earn, spend and share digital currency within and amongst every app in the ecosystem. Think of Kin as your own digital app wallet!

Note: The value of Kin, like all cryptocurrencies, can be extremely volatile. Users should not purchase Kin unless they can bear the financial risks related to fluctuations in value. Users should only purchase Kin if they have the financial wherewithal to endure a situation where Kin may lose all or substantially all of its value. Users should only purchase Kin after making an independent inquiry into its risks and its suitability for them. We are not making any recommendation to buy or sell Kin or any other cryptocurrency.

Recently, we released chat themes, a new feature that allows you to customize your chat background in iOS and Android devices. We also introduced premium versions of these themes, which are unlocked through the cryptocurrency Kin, to a limited amount of lucky Kik users.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

In a much-anticipated decision with important implications for the cryptocurrency industry, a second New York federal judge has now ruled that an offeror's use of a two-stage "Simple Agreement for Future Tokens" or "SAFT" structure for issuing cryptocurrency tokens will not suffice to exempt the offering from the reach of US securities law. In this latest ruling, the court held that social-media company Kik Interactive Inc. violated US securities laws when it failed to register its 2017 sale of nearly US$100 million of its digital tokens, called "Kin," with the Securities and Exchange Commission. SEC v. Kik Interactive Inc., 2020 WL 5819770 (SDNY Sept. 30, 2020). This ruling comes on the heels of a similar decision earlier this year from the same court, SEC v. Telegram Grp., 2020 WL 1430035 (SDNY Mar. 24, 2020), where the court blocked cryptocurrency developer Telegram Group from selling its new cryptocurrency "Grams" to a group of private investors in the absence of a registration statement, by using a SAFT offering structure. See R. Schwinger, A 'Telegram' to SAFTs: 'Beware!' (NYLJ May 26, 2020).

SAFTs were conceived as a creative way for cryptocurrency issuers to bypass the registration requirements of US securities laws. The idea behind SAFTs was to use a two-part structure in which the initial issuance would fall under exemptions available for offerings made to accredited investors, but that investors would not receive cryptocurrency but only the right to receive digital tokens at a later stage, the theory being that because by that time the tokens would be fully functional and usable on the issuer's blockchain network, they would not be required to comply with registration requirements for securities offerings because they would longer be considered "securities" within the meaning of US securities laws.

In the earlier decision in Telegram, the Court rejected this theory, finding that Telegram's plan to distribute its "Grams" tokens using the SAFT structure was an offering of securities subject to US securities laws, including the registration requirements. Telegram prompted speculation about whether Kik's 2017 sale of Kin, which relied on a somewhat different SAFT structure, could survive judicial scrutiny. The court in Kik likewise ruled it could not. These two rulings send a strong message to cryptocurrency issuers that they are unlikely to be able to avoid the registration requirements of US securities laws by structuring public offerings of cryptocurrency tokens through SAFTs.

In 2017, Kik embarked on an ambitious campaign to raise US$100 million in capital through the private and public sale of its Kin. The transaction took place in two phases. First, Kik sold Kin to fifty accredited investors, through a series of SAFTs. Under the SAFTs, investors paid money for the right to purchase discounted Kin at a future date after the public offering of Kin. Kik raised US$50 million through these initial private sales. Immediately after completing the initial private sales, Kik conducted a public offering of Kin. Offering participants could purchase Kin by using another cryptocurrency called Ether. The public offering netted Kik an additional US$49 million, for a total of nearly US$100 million between the private sale and the public offering.

Under the Howey test, a transaction is an "investment contract" within the meaning of the Securities Act if it involves (i) an investment of money, (ii) in a common enterprise, (iii) with profits to be derived solely from the efforts of others. The Court noted that it had little precedent to draw on in applying the Howey test, since "few courts" within the judicial circuit had applied the Howey test to cryptocurrency transactions, and the Second Circuit, the circuit's highest appellate court, had yet to address the issue. Kik conceded that the first part of the Howey test was satisfied because the issuance of Kin through the public offering involved an investment of money. Thus, the only issues in the case were whether the second and third prongs of the Howey test were met. The Court concluded that they were.

The Court also found that the public offering of Kin satisfied the final prong of the Howey test because investors in the public offering would have had a reasonable expectation of profits derived solely from the efforts of others, namely Kik. The Court noted that Kik repeatedly talked up and sought to expand Kin's "profit-making potential," including by initially limiting the amount of Kin that participants in the public offering could acquire, thereby allowing early purchasers to realize a profit as the demand and value of Kin increased. The Court also stressed that the value of Kin "would not grow on its own" but rather would "rely heavily on Kik's entrepreneurial and managerial efforts." To that end, Kik unveiled plans to make Kin tradeable on the secondary market through cryptocurrency exchanges and to integrate Kin into new and existing products and services, including Kik's own messaging application, Kik Messenger.

Kik argued that Kin could not be an investment contract and was properly characterized as a general purpose cryptocurrency intended for "consumptive use" in digital services like chat, social media, and payment. The Court rejected this argument, observing that "none of this 'consumptive use' was available" at the time of the public offering. Indeed, absent Kik's efforts to create a successful digital ecosystem that would drive demand for Kin, Kin not only would not be profitable to investors but "would be worthless."

Taken together, the Telegram and Kik rulings send a stark warning to cryptocurrency issuers that they are unlikely to be able to bypass securities regulations and requirements by relying on a two-stage SAFT structure. In both cases, the courts in deciding whether a cryptocurrency offering amounted to a sale of "securities" under US securities laws declined to view the stages in isolation but rather considered them together, focusing on the full economic reality of the transaction and not elevating form over substance.

In requiring these cryptocurrency token offerings to comply with the requirements of US securities laws, these cases simply reflect the current breadth of those laws rather than any conclusion of whether subjecting such offerings to those laws represents good public policy or is conducive to fostering innovation in the FinTech space. For this reason, new laws or regulations may be required if society concludes that a different approach is desirable to promote FinTech innovation. Indeed, Congress continues to consider a variety of new proposals that might change the current rules in this area for this reason. See, e.g., J. Brett, Two New Bills in Congress Offer Clarity for Blockchain Tokens and Crypto Exchanges (Forbes Sept. 24, 2020). In the meantime, cryptocurrency issuers who rely on SAFTs as a means to avoid having to comply with US securities laws most likely do so at their peril.

Analyst and author William Mougayar is calling out the Ontario Securities Commission and the Canadian Securities Administrators for stalling on the cryptocurrency market and in the process stifling Canadian investment and entrepreneurship in the Internet revolution known as blockchain.

Recently, Mougayar formed the non-profit Token Awareness Canada along with a group of fellow blockchain funders like Vanbex Group CEO Kevin Hobb and Kik founder Ted Livingston. The group aims to promote blockchain in Canada by setting up best practices for cryptocurrency startups. 041b061a72


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