Kodak- Wenn Digital Targets $50 Million In Token Sale
May 12, 2018 Posted / 4252 Views
Reuters reports, the developer of a blockchain related picture rights platform licensed by Kodak, Wenn Digital recently declared, that it intends to pull in up to $50 million in a joined public and private offering of tokens.
Wenn Digital has built up an image safety, adaptation and issuance platform secured by means of blockchain technology called KODAKOne, which is intended to safeguard the copyright of pictures or photos enrolled on the platform. Kodak purportedly possesses a minority stake in Wenn Digital.
The live sale of Wenn's token KODAKCoin will start on May 21. At first, the sale was supposed to take place in January, yet was postponed so as to assess the status of potential investors. At the point when Kodak declared the association with Wenn Digital, its offers surged to a high of $13.25, yet fell after the token offering was put off. The stock shut down at $5.15 recently. Cam Chell, co-founder of KODAKOne, revealed to Reuters:
“We really took a step back and decided that we would ensure that all T’s were crossed and I’s dotted before we embark on a public sale. We wanted to make sure that we got it right.”
Cam Chell expressed that KODAKOne's coin offering will be enlisted with the US Securities and Exchange Commission, utilising an element called the Simple Agreement for Future Tokens (SAFT). Aa per the SAFT offering, the token is issued when the blockchain platform is propelled which, as indicated by Chell, is to be not long from now. Offerings from SAFT are only restricted to authorised investors.
Wenn Digital has already conducted a pre-sale of SAFT to licensed investors and supposedly raised about $10 million. Chell disclosed to Reuters that the demand is more than the developer's capital prerequisite of $20 million. Wenn Digital aims to raise $50 million.
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