The well-known film and photography firm will begin offering SAFTs for KODAKCoin cryptocurrency.
Back in January, KODAK first announced plans to launch its own cryptocurrency that underpins a blockchain, focused on digital image rights ownership for photographers. The long-standing photography company was planning to launch an initial coin offering later in the month, however, the public sale was delayed for “several weeks” as KODAK stepped up its verification process for accredited investors.
WENN Digital, the team responsible for developing KODAK’s blockchain-based digital image rights management platform has broken the silence on KODAKCoin, announcing that it will offer Simple Agreements for Future Tokens (SAFTs) starting on May 21. SAFTs are being sold at $1 each, according to a press release provided by WENN.
KODAK and WENN have chosen to sell SAFTs instead of tokens directly in order to position KODAKCoin as a utility token, and not a security, as defined by the US Securities and Exchange Commission.
SAFTs are investment contracts intended to be sold to accredited investors to fund development of tokens. No actual tokens are being sold – only a contract where money is exchanged for promise of a token in the future after development is completed.
WENN’s CEO Jan Denecke explained:
"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.”
The SAFT will be facilitated through Cointopia and will be managed by Pickwick Capital Partners, LLC and Exemplar Capital, LCC – both of which are FINRA-members and SEC-registered brokers.
According to Cam Chell, Chairman, Co-Founder, and Co-Architect of KODAKOne digital image rights ownership platform, KODAKOne 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.”
KODAK’s share price skyrocketed from roughly $3 a share to just over $10 a share when they first announced KODAKCoin. KODAK’s shares are currently valued at just over $5 a share.