Kodak’s Blockchain Platform to Increase $50 Million in token offering
May 11, 2018 7:05 am,
KODAKOne is a blockchain-based system produced by Wenn Digital, intended to look after the copyright of images or photographs recorded on the platform. Kodak holds a smaller stake in Wenn Digital and has promoted from that location, reports Reuters. The presentation of its stock has enhanced knowingly as depositors expect the growth of the blockchain platform will turn into a gainful venture once it is set and running.
Bonds of the company have skipped from its early 2018 lows around $3 to as high as $11.55 when Kodak announced the deal with Wenn Digital. It rapidly lost two-thirds of its market value on the update that the token proposing, which was planned for January, would be postponed. Lastly, the initial coin offering (ICO) of KODAKCo in is due to take place on May 21. The January mistake was caused by governing problems that have since been taken care of.
Cam Chell, co-founder, and chair of KODAKOne expressed Reuters in an interview that the token contribution will observe with the U.S. Securities and Exchange Commission (SEC). KODAKOne will use Simple Agreement for Future Tokens (SAFT), an asset agreement accessible by cryptocurrency designers to accredited depositors. Being a security, SAFT must obey with securities regulations, which needs the token to be delivered when the blockchain platform is launched.
The SEC supports the exercise because it gets these SAFTs as being operated like retreats without following to any of the firm rules that previously exist for that market. Token sales convert viable under the SEC regulation with the SAFT structure since contribution is partial to attributed investors.
KODAKOne is expected to be launched later this year, according to Cam Chell. A pre-sale of its SAFT to credited investors led by Wenn Digital upraised about $10 million. The company wants $20 million to be able to effectively grow and launch the blockchain platform, but Chell declares ‘$50 million is our sweet spot’ as the business objects advanced.