KIN Cryptocurrency to Stay and Prevail Even if Kik Interactive Inc Loses against SEC

The Kin Foundation have been busy the last two years building their cryptocurrency ecosystem. In fact, today, over 60 applications listed on the App Store and Google Play Store are currently using their cryptocurrency called KIN. KIN is currently the most used cryptocurrency in the world by real life users and the numbers are growing rapidly.

Their stats tracker speaks for itself (can be found at this link: https://www.kin.org/stats/). Over 1.3 million active users spent KIN within APPs over the last 30 days and over 2.5 million active earners over the last 30 days.

Funny to say, the KIN asset is one most undervalued crypto on the market. Now, why haven’t we heard much about KIN compared to Bitcoin and other cryptocurrencies you might ask? There currently is one little dark cloud hanging over the Kin Foundation and that cloud is about to make way for full-on radioactive sunshine soon. Here is why.

To sum things up as briefly as possible, the KIN cryptocurrency started out with an Initial Coin Offering (ICO) that was initially launched in September 2017 by the company Kik Interactive Inc. The company created a separate non-profit business named Kin Foundation. Just like Facebook is planning to roll out their Libra coin for their platform, the plan was to have KIN integrated to their KIK chat application used by millions of users and also have it integrated by many other applications that would want to use it.

During their preparation process, Kik Interactive Inc consulted with various U.S. Governmental entities before launching the ICO to ensure they would be complying with financial regulations. The KIN asset was registered with FinCEN as a money services business or ‘MSB’ in order to legally distribute currency or financial instruments as per the advice of legal guidance. Kik never thought they would need to have their cryptocurrency registered with the Security Exchange Commission (SEC) as a security because the cryptocurrency KIN would be used as a virtual currency within all sorts of applications just like fiat is being used by humans across the world. Although the SEC and Kik had been in ongoing discussions about the ICO and that the SEC attempted to negotiate a settlement for noncompliance with Kik, they issued a formal complaint last June against Kik Interactive Inc as the company completely disagreed with the SEC’s allegations against them. The full chronology of event can be found on this page.

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Where is the SEC VS Kik Interactive Inc Case at and what could happen with this case?

The SEC VS Kik Interactive Inc case can be followed here. The discovery phase has ended in late January. The discovery phase allows both parties to gather evidence for or against, interview individuals and gather information needed to move forward or not with a case. Next court date for Summary Judgment is set for March 20th, 2020. A settlement could happen at anytime now like many other cryptocurrency companies have done with the SEC or, if things continue, the Judge will make a decision on March 20th.

As explained here “a judge grants summary judgment only when he or she finds that there’s no material dispute about the essential facts alleged.”

Right now we are far from a trial, the judge feels that there’s no material dispute about the essential facts alleged and parties are attempting to avoid further proceedings to avoid further associated costs and resources. This type of financial allegation situation is comparable to someone getting a speeding ticket for going over the limit by 10 miles per hour and the person decides to challenge the ticket in court.

What will happen to Kik Interactive Inc if they lose the case against SEC?

This would be the worst-case scenario, which we are very far from. A settlement could happen way before. Just like the person who challenges a speeding ticket in court, if they lose, they will find themselves having to pay a fine to the SEC.

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So what happens to the Kin Foundation and its KIN cryptocurrency if the SEC wins their case against Kik Interactive Inc?

Nothing. The issue at hand is clear and simple, the SEC is not after the Kin Foundation and the cryptocurrency, it is after the company Kik Interactive Inc for noncompliance with the Act for not having registered their ICO initially as security. The Kin Foundation is registered as a non-profit organization in Canada and is completely dissociated from the Kik Interactive Inc. company. They are two different business entities and the cryptocurrency KIN will prevail no matter how the case SEC VS Kik Interactive unfolds.

The Outcome and Current Price of KIN

Kin is currently the most undervalued cryptocurrency, nevertheless, the most used one by basic app users like you and me.

The Kin Foundation is aiming to create a minimum in-app value of 0.01 USD per KIN. It is currently valued at 0.000007 USD on exchanges which is one of the lowest prices for a cryptocurrency. It is to note that Bitcoin was valued at less than $0.003 USD in March 2010 and is now worth 10,300$ USD today (Feb. 14, 2020). KIN’s ecosystem is growing rapidly and people are starting to realize that the Kin Foundation and Kik Interactive Inc are two different entities and that the SEC vs Kik Interactive Inc case has nothing to do with Kin Foundation. Although it would be difficult, nearly impossible for KIN to reach the same price as bitcoin in the same amount of time due to the amount of KIN available on the market, it will rise sharply as time goes.

Exchanges and where to buy KIN

Currently, only a few exchanges have KIN listed which can be traded against fiat. The most reputed one would be Cointiger.com.

Right now, the big exchange such as Binance, Coinbase or Coinsquare are lacking in terms of listing credible assets such as KIN. They have listed crypto’s that are purely based on speculation such as bitcoin. KIN is one the most used blockchain in the industry with real life usage. The SEC should put its effort at investigating these exchanges for listing unreliable cryptocurrencies that are based on speculation.

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We have contacted most big exchanges today such as Binance, Coinbase and Coinsquare to get their input as to why they have not listed KIN on their platform even if it’s one of the most used cryptocurrency in the world with real life usage and, also knowing that the SEC is not suing the Kin Foundation but literally Kik Interactive Inc. None of them have provided a response to our questions.

Most exchanges are missing out on an amazing opportunity to promote an amazing project which is founded on well-thought principles that will bring wealth across the world.

KIN can also be purchased in-app via the KIN Hubb app which can be found on both Android and Apple app stores.

Kin Foundation and its Crypto will prevail

KIN and the Kin Foundation are here to stay, no matter what happens with Kik Interactive Inc and its issues with the SEC. In terms of advancement, KIN has seen more progress than any other cryptocurrency in the world. Most cryptocurrencies have their price based on speculation and have no real case usage. KIN is being used in more than 60 live applications, millions of people and is revolutionizing the online industry across the world. They are way ahead of the game than any other blockchain projects, yes, even the Libra coin by Facebook. KIN is here to prevail.

This article is for informational purposes only and should not in any way come across as a recommendation to buy or sell in assets mentioned in it.

About Author:

Nicholas Dorion is a cryptocurrency enthusiast, a legal researcher, an experienced communicator, and an online marketing business owner.

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