Overstock.com Inc (NASDAQ:OSTK)’s blockchain subsidiary tZERO is today announcing that KODAKOne’s token, KODAKCoin, will be the first third-party security token to launch on tZERO’s first-in-industry regulated security token trading platform.
KODAKCoin will power the KODAKOne digital image platform, providing photographers with greater control over their digital image rights and with continual web crawling to monitor and protect the IP of images registered on KODAKOne. This means participants will receive more secure, faster payments for their licensed works, as well as a share of KODAKOne’s overall platform revenues. In addition to being listed on tZERO’s future regulated security token trading platform, tZERO will be providing advisory services to WENN Digital on the listing and secondary trading of the token.
The parties intend that the KODAKCoin will launch in Q1 2018. KODAKCoin will be the first third-party security token to launch on the security token platform that tZERO is developing. KODAKCoin will serve as the currency to power the recently announced KODAKOne digital imagery platform. The parties intend to follow the tZERO roadmap by offering a security token in accordance with U.S. federal securities laws requirements with subsequent trading to occur on the tZERO trading platform. tZERO will provide end to end advisory services, technology implementation and trading services for KODAKCoin. The suite of services offered by tZERO will include, encryption of accounts, price quoting, clearing and reconciliation services, and anti-money laundering and know-your-customer verification.
“tZERO’s vision in being able to develop and provide a securities token platform that complies with U.S. federal securities laws is key to the success of the KODAKCoin,” said Jan Denecke, Co-Founder of the KODAKOne platform and KODAKCoin. “The KODAKCoin offering is centered around providing photographers security and peace of mind, and the tZERO platform allows us to provide that same security to our token holders as well.”
Last week, Kodak and WENN Digital announced their brand licensing partnership for the KODAKOne platform and KODAKCoin cryptocurrency. Utilizing blockchain technology, the KODAKOne platform is an encrypted, digital ledger of rights ownership for photographers to register both new and archived work that they can then license within the platform. With KODAKCoin, participating photographers are invited to take part in a new economy for photography, receive payment for licensing their work immediately upon sale, receive a share of overall platform revenue, and for both professional and amateur photographers, sell their work confidently on a secure blockchain platform.
“The Crypto Revolution is upon us and to have KODAKCoin on the tZERO platform is a tremendous stepping stone in continuing the mainstream adoption of what, I would assert, may prove to be the most powerful innovation in history. As U.S. regulators seek securities-law compliant applications for companies issuing security tokens, the issuance and trading of KODAKCoin in compliance with securities laws will empower entrepreneurs and protect photographers’ property and licensing rights, while achieving another critical step in defining a new wave of digital capital formation. We welcome the KODAKCoin into the tZERO family and look forward to working with this iconic brand,” said tZERO CEO Patrick Byrne.
The KODAKCoin security token offering will open on January 31, 2018 and will be open to accredited investors from the U.S., U.K. and Canada. For more information, visit www.kodakcoin.com. This security token offering is being conducted pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended, in accordance with Rule 506(c) of Regulation D.