NEW YORK--(BUSINESS WIRE)--Overstock.com’s blockchain subsidiary, t0.com, Inc. (“tZERO”) announced today its intent to provide advisory services to WENN Digital in connection with its recently announced KODAKCoin Security Token Offering. In addition, tZERO will advise on secondary trading of the KODAKCoin.
The parties intend that the KODAKCoin will launch in Q1 2018. KODAKCoin will be the first third-party security token to launch on the security token platform that tZERO is developing. KODAKCoin will serve as the currency to power the recently announced KODAKOne digital imagery platform. The parties intend to follow the tZERO roadmap by offering a security token in accordance with U.S. 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. Utilizing blockchain technology, 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. With KODAKCoin, participating photographers are invited to take part in a new economy for photography, receive payment for licensing their work immediately upon sale, receive a share of overall platform revenue, and for both professional and amateur photographers, sell their work confidently on a secure blockchain platform.
“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,” said tZERO CEO Patrick Byrne.
The KODAKCoin security token offering will open on January 31, 2018 and will be open to accredited investors from the U.S., U.K. and Canada. For more information, visit www.kodakcoin.com. This security token offering is being conducted pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended, in accordance with Rule 506(c) of Regulation D.
KODAKCoin is the currency for KODAKOne, an Image Rights Management Platform created in partnership with Eastman Kodak (KODK:NYSE) and WENN Digital Inc. Eastman Kodak is a technology company focused on imaging providing – directly and through partnerships with other innovative companies – hardware, software, consumables and services to customers in graphic arts, commercial print, publishing, packaging, entertainment and commercial films, and consumer products markets. WENN Digital is an experienced development and operations team with deep expertise in proprietary blockchain development, big data, copyright law, AI-enabled image recognition and post licensing monetization systems. Further, WENN Digital leverages the market position of its 30-year old subsidiary WENN Media, one of the world’s largest entertainment news wire services which works with virtually all the major media outlets and approximately 2500 professional photographers world wide.
For additional information please visit www.kodakcoin.com.
About WENN Digital
WENN Digital is an experienced development and operations team with deep expertise in proprietary blockchain development, big data, copyright law, AI-enabled image recognition and post licensing monetization systems. Further, WENN Digital leverages the market position of its 30-year old subsidiary WENN Media, one of the world’s largest entertainment news wire services which works with virtually all the major media outlets and approximately 2500 professional photographers world wide. KODAKCoin is the currency for KODAKOne, an Image Rights Management Platform created by WENN Digital under a brand licensing partnership with Eastman Kodak Company (KODK:NYSE). Kodak is a technology company focused on imaging providing – directly and through partnerships with other innovative companies – hardware, software, consumables and services to customers in graphic arts, commercial print, publishing, packaging, entertainment and commercial films, and consumer products markets.
t0.com, Inc. (“tZERO“) is a majority owned subsidiary of Overstock.com, focusing on the development and commercialization of financial technology (FinTech) based on cryptographically-secured, decentralized ledgers – more commonly known as blockchain technologies. Since its inception, tZERO has pioneered the effort to bring greater efficiency and transparency to capital markets through the integration of blockchain technology. On December 18, 2017, tZERO opened its global $250 million USD Initial Coin Offering (ICO) to accredited investors.
This press release contains forward-looking statements relating to the issuance and trading of the KODAKCoin and the development and operation of the tZERO security token trading platform. Forward-looking statements can often be identified by words such as “anticipate,” “may,” “believe,” “could,” “should,” “when,” “estimate,” “expect,” “intend,” “plan,” “predict,” “potential,” “forecasts,” “project,” and other similar expressions. Any statement other than a statement of a historical fact should be understood to be a forward-looking statement. Forward-looking statements are made based upon current expectations and beliefs concerning future developments and their potential effects. Such forward-looking statements are not guarantees of future performance. Several important factors could affect actual results and could cause such results to differ materially from expectations reflected in such forward-looking statements. Such factors include, without limitation:
- Legal and regulatory developments and the application of laws and regulations to the KODAKCoin and the tZERO trading platform;
- Technological difficulties that impede the issuance of the KODAKCoin and/or the successful development and launch of the tZERO security token trading platform;
- Failure to secure requisite regulatory approvals; and
- Malicious cyberattacks or data protection failures.
All forward-looking statements in this press release speak only as of the date hereof. WENN Digital and tZERO expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectation with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.