Eastman Kodak is in again, now that the company with more than a century's worth of history is doing an upcoming ICO. Early investors are committing capital already, including the likes of Global Blockchain Technology, which has subscribed to the deal as a lead investor with USD 2 million, according to an announcement by the investment firm. Kodak's stock, while trading off today, has advanced about threefold since the ICO development, for which the company is partnering with WENN Digital. Today's declines likely reflect a bit of profit-taking by investors, who may miss out on additional gains as the ICO progresses.
In exchange for its investment, blockchain investor Global Blockchain Technology will receive 8 million KodakCoins via Phase I of the ICO pre-sale. They point to Kodak as the maiden major NYSE-listed company to pursue an upcoming ICO. Kodak, meanwhile, is opening up the token sale to accredited investors across the United States, Canada, and the UK, and they're registering Kodak Coin as a security token.
Traded Securities on the Blockchain
Meanwhile, now that a major stock has unveiled its plans for its own cryptcurrencies, there is speculation and buzz that other publicly traded companies will follow suit. For instance, MoviePass has been exploring taking the ICO route for a year now and doesn't seem to have ruled it out.
"The main thing is really, how do you do it within all the regulations of the SEC, and also on the blockchain side as well, make sure it’s not just the flavor of the day. But we’ve looked at that technology for well over a year now," according to Ted Farnsworth, chief of Helios and Matheson, majority owners of MoviePass, as per Yahoo Finance. MoviePass CEO Mitch Lowe is reportedly similarly intrigued by the idea.
Meanwhile, Germany-based fintech Naga, which is similarly publicly traded, recently finished an ICO in which it drew tens of thousands of participants. After the first couple of days of trading, the Naga coin (NGC) boasted a market cap of USD 120 million, and the Naga coin is up 7% today.
For a list of all upcoming ICOs, we advise coinlist.