Eli Ridder | @EliRidder
Kodak, famed for its photography products, is working with Wenn Digital in raising money for its blockchain image copyright system in a token offering for a partner cryptocurrency.
On May 21, the Wenn-created KODAKCoin will be offered to the public with the aim of raising $50 million USD and to fund the KODAKOne blockchain that seeks to protect the copyright of image media registered on the platform.
Shares in Kodak bounced upwards to $13.25 in January when the Wenn deal was announced, before dropping to below half that when news of the blockchain’s rollout delay was announced due to regulatory issues.
“We really took a step back and decided that we would ensure that all Ts were crossed and Is dotted before we embark on a public sale,” Cam Chell, chairman and co-founder of KODAKOne, told Reuters news agency in an interview.
“I think $50 million is our sweet spot,” Mr. Chell said.
Blockchain is the digital system behind the likes of Bitcoin, and is a shared database of information that maintained and kept in check by a network of computers connected to the internet.
A similar strategy was utilized by Filecoin in the late summer and early Autumn of last year, and some $200 million was raised by the network that facilitates the storage, retrieval and transmission of data, reported Reuters.