KODAKCoin will be the first third-party security token to launch on the tZERO blockchain-based trading platform and take advantage of its unique SEC regulated status.
Overstock.com's blockchain subsidiary tZERO will provide advisory services to WENN Digital in connection with its recently announced KODAKCoin Security Token Offering, said a statement. In addition, tZERO will advise on secondary trading of the KODAKCoin.
KODAKCoin, to launch in Q1 2018, is designed to serve as the currency to power the recently announced KODAKOne digital imagery ownership rights platform.
The parties intend to follow the tZERO roadmap by offering a security token in accordance with US 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. 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.
tZERO CEO Patrick Byrne, said: "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."