Two weeks later they start selling “simple agreements for future tokens” (SAFT) for KODAKCoin, the future of token bearing the name of the manufacturer of photographic equipment Kodak.
On Thursday, the company WENN Digital, the developer and the Issuer KodakCoin, announced that a fundraiser will begin on may 21 and the company will seek to raise up to $ 50 million. To take part in the collection can only accredited investors.
Recall that the news about KODAKCoin and its projected sale first appeared in the Jan. Initially, the conduct of the ICO scheduled for 31 January, but then postponed “for a few weeks.” In early March WENN Digital has published a cover note, pre-sale KODAKCoin, which said that investment attraction will be carried out not through the classic ICO and by means of the SAFT concept.
SAFT is investment contracts intended for sale to accredited investors as a means of financing development. In the framework of SAFT, do not sell tokens instead of money exchanged for the documents (contracts) that will provide access to a future product.
According to WENN, the sale will be conducted through the platform Cointopia with the assistance of Pickwick Capital Partners Capital and Exemplar. The price of one contract will be $1.
“We are delighted to offer SAFT and the right to basic KODAKCoin thus, to fully comply with the exemption from the registration requirements of the SEC. The aim of this proposal is maximum security and transparency. We are working to bring digital tokens to investors, adhering to industry best practices. Due to this, we hope to instill trust and confidence in cryptoprocessor,” said Ian day (Jan Denecke), CEO of WENN
It is worth noting that the announcement of the sale came a few days later after the cryptocurrency exchange LBank.io from Hong Kong announced that it will hold ICO KODAKCoin. Representatives KODAKCoin refuted this statement, calling it a “fraud.”