Kodak announced some time ago its intention to release a virtual currency to the market. Back on Thursday, the company said that it intends to raise up to $50 million dollars in a public and private token offering.
Kodak Blockchain Project
One of the most important and recognized companies of the last century, launched its own cryptocurrency named KodakCoin. Back in January, we reported that the token was going to be launched through an ICO for registered individuals.
The KodakOne platform, is a blockchain-based system that will allow photographers and individuals registered on the platform to protect the copyright of the images they upload. But in order to do so, Kodak will be releasing a token to the market.
Once the company announced its intention to build this blockchain platform, its shares went up to as high as $13.25 dollars. The ICO was expected to be launched in January, but due to regulatory complications, the company delayed the launching. On Wednesday the stock closed at $5.45.
Cam Chell, chairman and co-founder of KodakOne, said to Reuters:
“We really took a step back and decided that we would ensure that all Ts were crossed and Is dotted before we embark on a public sale. We wanted to make sure that we got it right.”
Mr. Chell explained that KodakOne will be legally compliant with the United States Securities and Exchange Commission (SEC), using an instrument called the Simple Agreement for Future Tokens (SAFT). Under the SAFT offering, the token is issued once the blockchain platform is launched, something that is expected to take place this year.
According to Mr. Chell, the company will be searching to gather $50 million dollars in token sales, but it only needs $20 million dollars to be able to successfully develop the blockchain platform they proposed.
During the last years, Kodak lost an important market that acquired during the 20th century.
Jeff Clarke, Kodak’s CEO, explained:
“For many in the tech industry, ‘Blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who have long struggled to assert control over their work and how it is used, these buzzwords are the keys to solving what felt like an unsolvable problem. Kodak has always sought to democratize photography and make licensing fair to artist. These technologies give the photography community an innovative and easy way to do just that.”
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