Kodak Raising Crypto Funds for Image Copyright Blockchain
Kodak is creating its own cryptocurrency in attempts to raise money to protect the copyright of their platform's image media.
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.
