Overstock blockchain tZERO providing security services for KODAKCoin ICO
tZERO is a blockchain security subsidiary of popular online American retailer Overstock.
Cryptocurrency security platform tZERO will help with KODAKCoin’s initial coin offering (ICO) later this month.
Tech giant Kodak and blockchain development company WENN Digital signed a licensing partnership last week to launch an image rights management platform and new virtual currency to support digital photographers.
This will allow rights holders to register new and archived work that they can then license within the platform.
tZERO is a blockchain subsidiary of popular online American retailer Overstock. The company will provide advisory services to WENN Digital and also offer recommendations regarding secondary trading of KODAKCoin.
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.
KODAKCoin will be the first official third-party security token to launch on the platform tZERO is developing.
KodakCoin’s ICO has been issued as complying with US Securities and Exchange Commission (SEC) guidelines. This event is open to accredited investors from the US, UK, Canada and other select countries. However, in the US accredited investors must have an individual income in excess of $200,000 or a net worth of $1 million.
The KODAKCoin security token offering is scheduled to open on January 31, 2018.
Shares in the image technology company more than doubled (119%) following the announcement last week. Kodak filed for bankruptcy in January 2012 and switched its focus to the corporate digital imaging market.
From January 18, 2018 through February 16, 2018 tZERO will enter into Simple Agreements for Future Equity (SAFEs) with accredited investors as part of the second round of its Security Token Sale.
Additionally, Overstock recently suffered a cryptocurrency payments bug that severely impacted the cost of purchases and allowed some customers to claim crypto refunds at a significantly higher rate of return.
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