The final phase of KODAKCoin token offering will kick-off on May 21, 2018.
Photo giant Kodak unveiled its blockchain plans earlier this year when it announced a blockchain-powered image rights management platform – KODAKOne, and a cryptocurrency – KODAKCoin. For this initiative, it partnered with WENN Digital.
The KODAKCoin token offering was scheduled to open on January 31, 2018. However, it was postponed as the company said at that time that it has to verify the “accredited investor” status of each of the 40,000 potential investors who have expressed their interest in the ICO.
In an official announcement dated May 10, WENN Digital has now announced that “the full $1.00 round of its offering of Simple Agreements for Future Tokens (SAFTs) and the underlying KODAKCoin Token will officially commence on May 21, 2018.”
“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,” said Jan Denecke, CEO of WENN Digital. “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.”
Reuters reported that WENN Digital is seeking to raise up to $50 million through combined public and private token offering. The pre-sale has already raised around $10 million.
The offering will be facilitated through Cointopia and managed via SEC-registered broker-dealers Pickwick Capital Partners and Exemplar Capital.
KODAKOne Platform is expected to launch a beta program in late 2018. It will serve as a one-stop shop for photographers’ management, protection and distribution needs by providing an image marketplace where users can buy, sell and trade photos based on licensing terms and conditions.
