At CCN we have been following the Kodak story – a once monolithic print photography company that has struggled to adapt to the digital world. The announcement that the brand was turning to blockchain with KODAKCoin, which aims to protect photographers’ digital rights utilizing immutable distributed ledger technology, swept through the crypto space. Despite the ICO’s early wobbles,
when the coin finally launched it tripled from its ICO price, leaving initial investors pleased and observers optimistic regarding the company’s transformed future. However, investment research firm Kerrisdale Capital this week has released a crippling 22-page indictment on the project. Referring to the company as a “dying relic of American manufacturing”, (KODAK went bankrupt in 2013),
Kerrisdale sees the $300m ICO as a cash grab that “will never deliver promised benefits”.