Wenn Digital announced its plans to raise $50 million in an initial coin offering (ICO) in the coming days. Wenn Digital developed KODAKOne, a blockchain-based system that protects the copyright of images or photographs registered on the platform.
The company is looking at launching a combined private and public token crowdsale for KODAKOne on May 21, Reuters reported.
Wenn Digital initially planned to launch the coin in January, but was called off due to regulatory issues. According to reports, regulations required the company to check the credibility of all who intended to invest in the token, which at the time, was already more than 40,000.
Last week, KODAKOne Chairman and co-founder Cam Chell told the news outlet that “all Ts were crossed and Is dotted” with the U.S. regulators and the coin is ready to be issued via a Simple Agreement for Future Tokens (SAFTs) to the public. The token will be legally compliant with the U.S. Securities and Exchange Commission (SEC).
Companies issuing SAFTs do not need to register with the securities regulator since SAFT only allows accredited investors to take part in token sales. The KODAKOne tokens will help users make instant payments for products and services.
U.S.-based photography pioneer Kodak has been actively involved in KODAKOne since January and had bought minority shares. Wenn Digital has already conducted a pre-sale of the KODAKOne SAFT to accredited investors, resulting in an estimated $10 million raised—half of the company’s capital requirement, although Chell is eyeing a higher number.
“I think $50 million is our sweet spot,” Chell told the news outlet.
Photography industry joins its film counterpart in employing blockchain technology in its operations. Hollywood has already produced the first movie that is being distributed using a blockchain-based app. Many believe blockchain technology could be the solution to piracy and other issues in the film industry.