Developer of an image protection blockchain platform which is licensed by Eastman Kodak Co, Wenn Digital recently officially announced that the project seeks to raise up to $50 million in a combined public and private token offering.
Wenn developed the KODAKOne platform, which is a blockchain-based system aiming at protecting copyright of the images or photographs which are registered on the platform.
One of the pioneers in the photography industry, the famous US company, Kodak has been actively working on the development of the blockchain-based platform together with Wenn. As reported, currently Kodak holds a minority stake in Wenn Digital. The shares of Kodak were showing an improved performance in the market recently, which was mainly due to the active partnership with Wenn Digital as well as the announced launch of KODAKOne. Later on, as the token offering was delayed, company shares fall again.
As announced, the token which will be available to the public since May 21 by Wenn will be called KODAKCoin. As the field enthusiasts would remember the official launch was initially scheduled for January this year, however due to some regulatory issues the official date was delayed.
Chairman and co-founder of KODAKOne, Cam Chell commented on the situation stating that the team made the decision of rescheduling the official launch in order to be sure that all the regulations are met before a public sale begins. Chell also informed that the coin offering “will be legally compliant with the U.S. Securities and Exchange Commission, using an instrument called the Simple Agreement for Future Tokens (SAFT)”.
It was also reported that Wenn Digital has already initiated the pre-sale of its SAFT to accredited investors. Due to this the company has already raised about $10 million while the company’s capital requirement is $20 million. According to Chell however, the demand was even greater hence he confirmed that eventually $50 million can be their “sweet spot”.