Reuters reported that on May 10, Wenn Digital, the founder of a Kodak licensed, blockchain image rights platform, made an announcement on Thursday that they will accumulate up to $50 million worth of token offerings in both public and private crypto investments.
Wenn Digital has created their own image protection and distribution platform intended to monetize a new type of blockchain called KODAKOne. The purpose of this is to preserve the copyright licenses for registered images or photographs on their site. Kodak currently holds a small portion of Wenn Digital's generated revenue. On May 21, the cryptocurrency community should expect KODAKCoins to finally be released to the public for purchase.
Back then, the token offering was supposed to take place in January. However, it was delayed due to the lack of potential investors that would raise this currency's value. Once Kodak formed a partnership with Wenn Digital, their stocks increased in price, up to $13.25 per share. But it didn't last since the tokens were not released to the public on the day announced. Kodak's stocks dropped down to $5.15 last Thursday, according to Cam Chell, the chairman behind KODAKOne.
The blockchain developers had to take a step back and re-assess the situation at hand before starting the public sales event. Basically, to fix remaining bugs and close off any loopholes in the blockchain system itself. Chell admitted that KODAKOne’s crypto coins will be officially registered with the US Securities and Exchange Commission, under the SAFT (aka Simple Agreement for Future Tokens) instrument. It suggests that the token is immediately available after the blockchain platform is launched later this year. Right now, SAFT offerings are only given to accredited investors.
Wenn Digital also did a pre-sale of their SAFT to accredited investors, raising almost $10 million in profits. Chell informed Reuters that the demand has exceeded their minimum capital quota of $20 million, stating that $50 million is the ideal amount.