The developer behind the purported and much-publicized Kodak-branded bitcoin mining equipment has officially halted operations and has denied ties to Kodak. Continue reading Kodak-Branded Bitcoin Mining Rig ‘KashMiner’
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”.
The Eastman Kodak Company announced Jan. 30 that the launch of their cryptocurrency KODAKCoin would be delayed in order to evaluate the status of potential investors. The delay was announced the day before the Initial Coin Offering (ICO) was set to start, according to the project’s Jan. 9 press release.
As explained in on the company’s website, Kodak intends to run an ICO that offers security tokens as an ‘exempt offering’ — this means the company does not have to register their security with the US Securities and Exchange Commission (SEC), but only “accredited investors” can participate in the ICO.