The announcement by Kodak that it would be jumping into the cryptocurrency space with its own initial coin offering and KODAKCoin rattled all of corporate America. If a fallen star like Kodak could do it, then why not them? In a way, Kodak validates the potential for digital currencies to become a well-established asset class.
tZero, the Blockchain subsidiary created by Overstock, wants to be the one digital asset exchange to rule them all. At least in the US as it will be a regulated token exchange.
Today, tZero has announced a commitment from Kodak that the KODAKCoin security token (aren’t they all securities?) will trade on tZero’s token platform and tZero management will provide advisory services on secondary trading of the virtual coin.
The parties intend that the KODAKCoin will launch soon – in Q1 2018. KODAKCoin will be the first third-party security token to launch on the security token platform that tZERO is developing which has not launched yet but now we have an idea when it will.
KODAKCoin intends to follow the tZERO roadmap by offering a security token in accordance with U.S. federal exemption requirements. tZERO says it will provide end to end advisory services, technology implementation and trading services for KODAKCoin.
“tZERO’s vision in being able to develop and provide a securities token platform that complies with U.S. federal securities laws is key to the success of the KODAKCoin,” said Jan Denecke, Co-Founder of the KODAKOne platform and KODAKCoin. “The KODAKCoin offering is centered around providing photographers security and peace of mind, and the tZERO platform allows us to provide that same security to our token holders as well.”
Kodak and WENN Digital announced their partnership last week for the KODAKOne platform and KODAKCoin cryptocurrency. Utilizing blockchain technology, the KODAKOne platform will provide a digital ledger of rights ownership for photographers to register both new and archived work that they can then license within the platform.
With KODAKCoin, photographers may to take part in the Blockchain powered platform for photography, receive payment for licensing their work immediately upon sale, receive a share of overall platform revenue, and for both professional and amateur photographers, sell their work confidently on a secure blockchain platform.
tZERO CEO Patrick Byrne, who is also the founder of Overstock, says the crypto revolution is upon us.
“To have KODAKCoin on the tZERO platform is a tremendous stepping stone in continuing the mainstream adoption of what, I would assert, may prove to be the most powerful innovation in history. As U.S. regulators seek securities-law compliant applications for companies issuing security tokens, the issuance and trading of KODAKCoin in compliance with securities laws will empower entrepreneurs and protect photographers’ property and licensing rights, while achieving another critical step in defining a new wave of digital capital formation. We welcome the KODAKCoin into the tZERO family and look forward to working with this iconic brand.”
The KODAKCoin security token offering will open on January 31, 2018 and will be open to accredited investors from the U.S., U.K. and Canada.
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