KODAKCoin Token Sale Targets Raising 50 Million US Dollars
ICO eyes $50 million
Kodak, a US photography company is set to revolutionize the photography industry through its blockchain platform KODAKOne. In a bid to revive its lost glory in the photography industry, Kodak partnered with Wenn Digital. The new partnership led to the development of KODAKOne a blockchain platform and KODAKCoin.
Through KODAKOne the two companies seek to copyright images or photographs registered on the platform. The two companies seek to raise funds by offering KODAKCoins to accredited investors only. KODAKCoin will be offered to investors from the 21st of this month after the delay in January. The intended offer in January failed to materialize because of regulatory issues.
Kodak will offer the coins through an Agreement for Future Tokens (SAFT) structure. Through the SAFT structure, the $50 million target becomes more viable as the KODAKCoins will be offered to accredited investors only. Under a SAFT offering, companies offering tokens issue them during the platform’s launch. Besides SAFT, companies have to register with the US security exchange commission (SEC). Wenn Digital carried out a SAFT presale which raised a total of $10 Million strongly suggesting that the actual sale will bring in a lot more.
The partnership is already working in favor of Kodak
Despite the numerous technological leaps in the millennium, Kodak is still a force in the industry. Smartphones came and revolutionized photography. Enter selfie sticks and the entire landscape turned cutting out photographers. Kodak, had to either shape up or ship out. The partnership came at the when Kodak shares hit a low of $3 in January. News of the partnership shook up things and Kodak shares hit an all-time high of $11.55. The prices later on dropped again when the companies failed to offer their KODAKCoins. The new dates for the coin offering have seen prices pick up once more.
Wenn Digital is a big data company which dealing with AI-enabled image recognition, copyright law among others. Both Kodak and Wenn partnered to develop KODAKOne.
In August and September 2017, filecoin offered their ICO through SAFT and made $200 million. Filecoin is a blockchain based network and cryptocurrency.