WXXI AM News

Kodak cryptocurrency offering delayed

Feb 1, 2018

After a sharp rise in its stock price a few weeks ago when Kodak announced it was getting into the cryptocurrency area, the company’s share price fell 13% on Wednesday, and another 12% on Thursday, closing at $6.95 a share.

This followed an announcement on the kodakcoin.com website that with “over 40,000 potential investors expressing an interest in the ICO (Initial Coin Offering) we are now moving into the “accredited investor” phase. Given the large interest in the KODAKCoin ICO and the steps that we need to take to verify the “accredited investor” status of each interested investor, we expect this process to take several weeks.”

When the original announcement was made earlier this month, Kodak indicated the coin offering would start on January 31.

The update by Kodak came a day after a New York Times story raised some questions about Kodak’s venture into the cryptocurrency world.

Kodak has announced it is partnering with a company called WENN Digital that will allow photographers to register their work so it can be licensed and they can be paid.