KODAKCoin Fundraising to Begin Later This Month

Imaging giant Kodak is now looking at May 21 for the SAFT offering of its KODAKCoin for accredited investors.

AccessTimeIconMay 10, 2018 at 10:59 a.m. UTC
Updated Sep 13, 2021 at 7:55 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

A sale of Simple Agreements for Future Tokens (SAFTs) for KODAKCoin – the forthcoming digital rights token bearing the name of imaging company Kodak – is set to begin later this month.

The offering, which is limited to accredited investors, will start on May 21 and seek to raise up to $50 million, WENN Digital announced on Thursday. Kodak licensed its brand to the firm for the project, which involves a digital rights management platform that has its own built-in cryptocurrency.

KODAKCoin and its planned sale were first revealed in January, but an expected start date of Jan. 31 was delayed for what was originally said to be a several-week period.

The SAFTs are being sold at $1 apiece, according to WENN. The company's intention to sell SAFTs rather than tokens directly was revealed in a paper published back in March.

As explained in a previous CoinDesk feature, SAFTs are investment contracts designed to be sold to accredited investors as a means of funding development, similar to the way equity changes hands in traditional venture capital. In a SAFT sale, no tokens are offered, sold or exchanged – instead money is exchanged for paper documents that promise access to a future product.

WENN said the sale will be conducted through a platform called Cointopia and that it will be managed by Pickwick Capital Partners and Exemplar Capital.

“We are excited to offer the SAFTs and the rights to the underlying KODAKCoin in a manner structured to fully comply with an exemption to the SEC’s registration requirements,” said Jan Denecke, WENN's CEO, adding:

“Our goal with this offering is utmost security and transparency, working to bring digital tokens to investors by adhering to industry best practices and in a manner that we hope instills public confidence in the crypto space.”

The sale announcement comes days after a cryptocurrency exchange claimed that it was hosting the KODAKCoin ICO, an assertion that a representative for KODAKCoin called "fraudulent."

Kodak image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.