A planned KodakCoin cryptocurrency launch has been delayed. This Kodak cryptocurrency delay has resulted in a hit for Eastman Kodak shares. The new KodakCoin cryptocurrency has been designed as a blockchain-based initiative to assist photographers in the registration, licensing and management of their images.
KodakCoin Cryptocurrency Announced at Las Vegas CES Trade Fair
Eastman Kodak announced its new Kodak cryptocurrency at the CES Trade Fair in Las Vegas in January. The company announced its plans to mint a cryptocurrency specifically for photographers. Eastman Kodak shares soared by nearly 120% after the company made the announcement. US-based Eastman Kodak announced that it was teaming up with the London UK company Wenn Media Group to execute the initial coin offering (ICO).
According to Eastman Kodak, the ICO attracted 40,000 potential investors. However, the company then delayed the January 31st launch date for “several weeks”. Apparently, according to Kodak, this delay is to enable it to verify each individual investor. With 40,000 potential investors, this is obviously going to take some time!
Beware of Fraud KodakCoin Cryptocurrency
According to a statement on the company’s website, Eastman Kodak is ‘now moving into the accredited investor phase.’ The statement also gave warning that fraudulent websites may claim to be selling KodakCoin tokens. Potential investors should be aware of this. The site stated that genuine KodakCoin tokens are available only on the official website and the company’s Facebook page.
Eastman Kodak Share Prices Closely Watched
Apparently, the US Securities and Exchange Commission is looking closely at the growing trend for listed public companies to invest in the blockchain platform and the cryptocurrencies that use it. The KodakCoin has surprised one or two people. Some are suggesting that Eastman Kodak is using it in an attempt to revive its ailing fortunes. The 120% rise in its share prices perhaps proved its point. However, the ICO delay has resulted in a drop of over 5%.
Time will tell, and eyes will be closely studying Eastman Kodak share prices over the next “several weeks”. Will this delay terminally affect the new KodakCoin cryptocurrency? The next few weeks will be critical for the company and eyes will be closely following its progress.