Any investors that were hoping to make purchases of the KODAKCoin are going to have to wait just a little bit longer. On Wednesday Kodak, the imaging company that has been running for 130 years, reported that there are going to be some delays releasing the coin. The delay was accredited to large interest in the coin, as they had over 40,000 potential investors waiting for January 31 initial coin offering.
Kodak stated that it needed to look into all their potential buyers and see if they were verified as accredited investors. This means that they need to have a net worth of over a $1 million and an income that is at least $200,000 annually. It expects the cross-check process to take several weeks.
Kodah has credited its push into the world of cryptocurrency as a way to solve pervasive digital copyright challenges. According to Kodak, blockchain technology can help photographers manage, register and license their photos.
Once Kodak announced their project, share prices rose from $3.10 to $11 in less than twenty-four hours. Kodak is definitely giving off the impression that they know what they are doing, yet critics think otherwise. They are accusing Kodak of capitalizing on the cryptocurrency craze without having a clear plan.
The New York Times referred to the venture as a “dubious gamble” on the day their ICO was delayed. The New York Times further stated, “A number of struggling companies have reversed their fortunes, at least temporarily, simply by adding ‘blockchain’ to their names or announcing a new cryptocurrency venture unrelated to their previous line of work,”
Kodak’s chief has denied this completely and has stated the venture was an honest way to help struggling photographers solve ownership issues. After the delays were announced, Kodak Co’s share prices tumbled by more than 13%.