Kodak's Cryptocurrency Is Already Being Presold

NEWS
Stan Higgins
Jan 10, 2018 at 18:00 UTC  |  Updated  Jan 10, 2018 at 22:17 UTC

The company licensed by Kodak to use its name in conjunction with a new cryptocurrency has already begun pre-selling it ahead of a public initial coin offering (ICO).

Vancouver-based Global Blockchain Technologies Corp. announced today that it is investing $2 million in KodakCoin, the initiative announced yesterday by Kodak and WENN Digital, which is licensing the former's branding. WENN Digital, which is developing the digital media rights platform that was unveiled yesterday, is managing the sale of the tokens.

"The Company has subscribed for all 8 million Kodak Coins that were available in the Pre ICO Stage I. Stage II Pre ICO opens tomorrow January 10th," the firm said in a press release. "The Coins are being offered by WENN Digital, in conjunction with its licensing partnership with Eastman Kodak."

Kodak said yesterday that the public sale of its cryptocurrency, which will be open to accredited investors (including those in the U.S.), is set to begin on Jan. 31.

Kodak's unveiling sparked global headlines yesterday, which continued into today after it and WENN Digital unveiled the "Kodak KashMiner." That announcement, made at the CES tech trade show in Las Vegas, also sees the U.S. firm licensing out its brand.

Yet the quick moves have stoked some speculation that Kodak is moving to take advantage of the buzz around blockchain, particularly among publicly-traded companies that have seen their financial fortunes soar thanks to investor hunger for anything touching the tech.

All the same, Kodak's stock price has soared since yesterday's announcement. Data from Google highlights that the stock is up more than 75% today alone, rising above $11, having begun the week just over $3.

Image Credit: Vega Gonzalez / Shutterstock.com

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ICOInitial coin offeringKodakCoinpresale

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