Popular photography company Eastman Kodak Co. is planning to raise up to $176.5 million upon launching its own blockchain platform KODAKOne along with a photo-centric cryptocurrency known as KodakCoin.
The latest update was revealed through an amended filing submitted to the US Securities and Exchange Commission (SEC) by Kodak’s partner WENN Digital, a photo agency that offers paparazzi images.
The KodakCoin ICO was initially planned to take place in early January in partnership with WENN Digital, but its launch was delayed for several weeks. KodakCoin developers delayed the much-anticipated ICO after revealing that only accredited investors, with an individual net worth of $1 million or $200,000 in earnings a year, would be able to buy the tokens.
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An initial SEC filing in January showed the Kodak’s ICO plans to raise only $6.75 million, which would be issued as a security token under an exempt offering.
However, the latest filing indicates the offering will be made pursuant to a Simple Agreement for Future Tokens, or SAFT, which is a contractual agreement whereby accredited investors obtain the right to a future distribution of tokens.
The more than 100-year-old company saw its share price more than tripled after announcing that it would utilize blockchain technology to create an encrypted, digital ledger of rights ownership for photographers. KODAKCoin will enable participating users to register both new and archive work that they can then license within the platform.
With KODAKCoin, photographers and agencies will receive payment for licensing their work immediately upon sale. KODAKOne operates as the image rights management platform whilst the KODAKCoin cryptocurrency will provide photographers with a new, secure revenue stream.