Much-anticipated KodakCoin public offering to officially commence this Month
Earlier this year, Kodak in conjunction with WENN digital launched KodakOne, a blockchain-powered image rights management platform and also a digital currency KodakCoin. The coin offering which was originally scheduled for January was delayed as Kodak said it needs more time to consider uncertain US cryptocurrency regulations.
In an official statement released Thursday, May 10, WENN Digital said that the KodakCoin public offering will commence later this month as a Simple Agreement for Future Tokens (SAFT). SAFT is a financial instrument which is rapidly gaining popularity with US-based ICOs as a way to get around SEC scrutiny.
“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.
Later this year, KodakOne is expected to launch a beta program which 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.
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