KODAKCoin ICO Delayed By Several Weeks

The Initial Coin Offering (ICO) for the Kodak-branded cryptocurrency, KODAKCoin, was supposed to launch January 31st, but has been delayed by several weeks, according to the official statement.

The official statement reads that “With over 40,000 potential investors expressing their interest in the ICO […] we are now moving into the ‘accredited investor’ verification phase. 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.”

‘Accredited investor’ in the US means that a person has a net worth of more than USD 1 million or an income of at least USD 200,000 per year.

The statement also warns that several spam ICO KODAKCoin websites and Facebook sites have surfaced, promoting and even purporting to sell KODAKCoin tokens, but that investors would not be able to buy tokens outside the company’s official platform.

“Utilizing blockchain technology, the KODAKOne platform will create an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can then license within the platform,” the announcement at the beginning of January stated. Photographers would use the blockchain technology to register works, with KODAKCoin acting as a medium of exchange on the platform – both receiving payment in the cryptocurrency as well as pay for rights. 8 million KODAKCoins have already been sold during the pre-sale.