Kik, the Canadian maker of a messaging app popular with teens, is shutting down its app and laying off most of its employees to focus solely on Kin, the cryptocurrency it created.

Why it matters: Kik is embattled with the U.S. Securities and Exchange Commission over whether or not Kin is a cryptocurrency or a security — and that battle is proving more costly than the company anticipated.

Go deeper: SEC sues chat app Kik over its $100 million token sale