Kodak blockchain project to raise $50m in token offering
Wenn Digital, the developer of the KODAKOne Image Rights Management Platform, is seeking to raise $50m in a combined public and private token offering commencing on May 21.
The blockchain-based image rights management and protection platform is called KODAKOne and is licenced by photography giant Kodak, who reportedly owns a minority stake in Wenn Digital.
Wenn’s token will be called KODAKCoin and will be issued later this year when the blockchain platform is expected to be launched in beta.
The platform and cryptocurrency token give photographers a new, secure way to both protect and make money from their work.
It will provide an image marketplace where users can buy, sell and trade photos based on licensing terms and conditions – serving as a one-stop shop for photographers’ management, protection and distribution needs.
Cam Chell, chairman and co-founder of KODAKOne told Reuters KODAKOne’s 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).
“We are excited to offer the SAFT and the rights to the underlying KODAKCoin Token in a manner structured to fully comply with an exemption to the SEC’s registration requirements,” said Jan Denecke, CEO of WENN Digital.
“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.”
Chell added: “An estimated 1.2 trillion photos were uploaded to the web in 2017 alone – many without copyright holders’ permission.
“And as a result, today’s photographers have been left with more work to do, and less compensation to show for it.
“By pairing blockchain technology with KODAKCoin Tokens, KODAKOne Platform will provide a licensing platform that enforces copyright compliance and tracks the usage of images – giving photographers more control over licensing, while at the same time creating a creative community and a comprehensive marketplace that meets all their image and related needs.”
The offering will be facilitated through ICO management platform Cointopia and managed via Pickwick Capital Partners, LLC and Exemplar Capital, LLC, both FINRA-member firms and SEC-registered broker-dealers.