Kik Interactive sells messaging app to MediaLab to stay focused on cryptocurrency

WATERLOO, Ont. — Kik Interactive Inc. says it has sold its Kik Messenger app to a California-based holding company as Kik narrows its focus to its cryptocurrency.

Santa Monica-based MediaLab, which also holds messaging app Whisper and music sharing platform DatPiff, says it will maintain and improve the Kik Messenger app used by millions of people.

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MediaLab says that it plans to introduce ads to the messaging service to make it more financially stable. No financial details were provided.

Waterloo, Ont.-based Kik Interactive announced in late September that it had planned to shut down the app and cut its staff of over 150 down to 19 so it can focus on fighting a lawsuit by the U.S. Securities and Exchange Commission related to its Kin cryptocurrency.

Earlier this week, tech company Carta Inc. announced it had hired 51 former Kik employees to open its first office in Canada, that will be based in Waterloo.

Carta Inc, previously known as eShares Inc., is a Palo Alto-based company that specailizes in financial software.

This report by The Canadian Press was first published Oct. 18, 2019.

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