Run advertised ICO KodakCoin for $ 20 million was scheduled for January 31. Is this iconic brand the previous evening before the launch announced that they need another few months to get to know customers.
This was due to the fact that they reached the “stage of testing accredited investors” and is made to wait more than 40 000 potential buyers wanting to “cryptocurrency for photographers” from Kodak. Timid investors left KODK, when the stock fell 13% after rising 200% in connection with the announcement of ICO KodakCoin.
The delay follows several critical reports, primarily from The New York Times, which casts doubt on the correctness of the practice of the historic brand. In the Times suggested that the involvement of Kodak in the cryptocurrency industry, on which the company relies for his return, associated with the decisions that are not credible. First of all it concerns its business partners, including “paparazzi photo Agency, a small-time promoter and a company offering a magical machine to create money.”
The listed company, Kodak, which just a few years ago declared bankruptcy, had to know what will be under the gun, even if you register your token as a security, given the tough stance of regulators on cryptocurrency and ICO. SEC Chairman Jay Clayton in a statement on 22 January made fun of listed companies, which “have shifted their business models to capitalize on the subjective promises of technology a distributed Ledger”. Here he could be referring to Kodak.
At the same time, despite all the contradictions, KodakCoin has become quite an expected project among photographers because it offers a solution to the problem of the entire industry. With the help of technology a distributed Ledger photographers to register their images and then to license them, creating soil to receive payment for their work and detect copyright infringement.
Kodak Director Jeff Clark told the Times the lack of understanding in the industry of photography gave him the idea of using blockchain technology.
“This is not a company for the production of feed for dogs, which decided to create the currency. It is a real solution to the problem of digital rights that bothers Kodak for many years,” he said in an interview with the Times.
ICO KodakCoin was aimed at accredited investors in the United States, Canada and the UK, as previously reported. At the same time, leading consultant at Kodak blockchain project is confident that the regulator will have additional concerns. Cameron Chell was banned on the Stock exchange Alberta for five years in the late 90s and fined $ 25,000 for violation of the rules. Prior to this, one of the companies Chella closed in connection with fraud charges related to its Chairman.
It’s not the first impression you want to create your Kodak to regulators or investors.