The sale of SAFT-contracts for KODAKCoin tokens - a digital currency intended for copyright protection, will start on May 21, CoinDesk reports.
Only accredited investors can participate in the sale of tokens. WENN Digital received a license from Kodak to use its brand in KODAKCoin. It is expected that KODAKCoin will act as its own crypto currency platform for copyright management.
According to WENN, SAFT-contracts will be sold at $ 1 per piece. The intention of the company to sell the SAFT-contracts, and not the tokens themselves, was said in the document on the forthcoming sale, which was published in March.
SAFT-contracts are investment contracts intended for sale to accredited investors to finance the development of a project, in the same way as shares in enterprises pass from one source to another when working with traditional venture capital. Thus, not tokens themselves are sold, offered and exchanged, but documents promising access to future products.
According to WENN, the sale of SAFT-contracts will be carried out through the Cointopia platform under the management of Pickwick Capital Partners and Exemplar Capital.
We are excited to offer the SAFTs and the rights to the underlying KODAKCoin in a manner structured to fully comply with an exemption to the SEC's registration requirements. Our goal with this offering is utmost security and transparency, working to bring digital tokens to investors by adhering to industry best practices and in a manner that we hope instills public confidence in the crypto space.
About a week ago, the Hong Kong crypto exchange LBank.io announced that it would be engaged in the ICO for KODAKCoin, but one of the representatives of the project called the initiative a fraud.