|Development status||Initial coin offering|
KodakCoin (stylized KODAKCoin) is a photographer-oriented blockchain cryptocurrency that is planned for payments for licensing photographs. The cryptocurrency is being developed under Kodak's brand, in partnership with other companies.
The initial coin offering (ICO) was initially scheduled for January 31, 2018. In May 2018, the company announced that it would offer Simple Agreement for Future Tokens (SAFT), and that investors would not receive tokens until the KodakONE product is complete. According to Kodak, KodakCoins will be issued by July 1, 2019 unless, in the opinion of its legal counsel, "KodakCoin tokens will not be deemed to be “securities” within the meaning of Section 2(a)(1) of the Securities Act."
KodakCoin will be available to accredited investors in the United States, United Kingdom, and some other countries. Working in conjunction with the KodakOne digital rights management platform, it will serve as the currency for an encrypted ledger of intellectual property rights ownership. KodakCoin will use the Ethereum blockchain platform.
KodakCoin is the result of a partnership between Kodak and WENN Digital. KodakCoin may be a rebranding of an abandoned initial coin offering (ICO) known as RYDE, a cryptocurrency developed by WENN Digital. WENN Digital is a company formed by investments from Wenn Media Group and Ryde GmbH, a German company.
In the initial press release about the KodakOne project published by Kodak on January 9, 2018 WENN Digital is described as having a "live operational copyright infringement management system" that "is delivering revenues to photographers worldwide today" and leveraging "the market position of its 30-year old subsidiary WENN Media, which works with approximately 2,500 professional photographers". German media reported on March 21, after a conversation with WENN Digital CEO Jan Denecke, that his Berlin-based startup RYDE GmbH, which according to the White Paper released by WENN Digital (dated April 24, 2018) builds a technological core of the KodakOne platform, was "meanwhile majority-owned by WENN Digital".
KodakCoin is designed to work with Kodak's KodakOne platform, to facilitate image licensing for photographers. The KodakOne platform uses web crawlers to identify intellectual property licensed to the KodakOne platform, with payments for licensed photographs to be made using KodakCoin cryptocurrency.
Following the January 9 announcement of the new platform at the 2018 CES in Las Vegas, Kodak's stock price tripled in two days, as its market valuation increased to US$565 million, an increase of more than 300 percent. By the end of January, one third of Kodak's shares were trading short.
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