The delayed KODAKCoin ICO is set for later this month, nearly four months later than originally announced…
Kodak may have fallen a long way from its peak, but the company – famed for its photographic products – is set to push ahead with the ICO that was announced back at the start of the year.
It’s lending its name to a new cryptocurrency called KODAKCoin, that will work in tandem with the new KODAKOne image rights management platform. Said platform is designed to help photographers protect their work, creating a digital ledger of rights ownership. Users will then be able to accept payment for licensing their pictures via the KODAKCoin.
Originally, the plan was to launch the ICO for the new currency at the end of January, overseen by Wenn Digital, the company who created the KODAKOne platform (and who paid Kodak for the rights to use its brand name on it). But the ICO was put on hold with little explanation.
Nearly four months on, and it’s now been revealed that the ICO will finally begin for accredited investors on May 21st. The aim is to raise $50m, with SAFTs selling for $1 each. SAFTs bring with them no tokens, rather the promise of access to the completed product later down the line.
Jan Denecke, CRO of Wenn Digital, said that “we are excited to offer the SAFT and the rights to the underlying KODAKCoin Token in a manner structured to fully comply with an exemption to the SEC’s registration requirements”.
“Our goal with this offering is utmost security and transparency, working to bring digital tokens to investors by adhering to industry best practices and in a manner that we hope instills public confidence in the crypto space”.
More details on the ICO, the KODAKOne platform and the KODAKCoin, can be found at its website, here.