Kodak delays the launch of its ICO, Shares decline
Kodak, the popular photography company announced on January 9 the launch of its own Blockchain platform, KODAKOne and its own cryptocurrency KodakCoin to empower photographers and agencies to take greater control in image rights management.
KODAKOne Blockchain enables world-wide photography artists to store and share their work and receive payments in the form of KodakCoin.
The launch of the $20 million Initial Coin Offering (ICO) for KodakCoin which was supposed to be held on Jan. 31, has been delayed further. The company stated that the launch was delayed as they need more time to get to know their customers better and ensure that the investors are accredited in the U.S.
In fact, the statement explained “Given the large interest in the KODAKCoin ICO and the steps that we need to take to verify the ‘accredited investor’ status of each interested investor, we expect this process to take several weeks.”
This announcement was negatively perceived by investors, as its stock declined by more than its stock 13% on indices.
The New York Times has also remained critical of Kodak’s involvement with Blockchain tech questioning it over its investigation practices, and its business partners.
As a response, Kodak chief Jeff Clarke affirmed the company’s disconnection from the photography industry, which has led to the venture into the Blockchain space, and said: “This is not a dog food company that’s creating a currency. This is a real solution around digital rights that Kodak has been involved in for many years.”