Earlier in January, Kodak, the iconic photography company announced that they were about to launch a blockchain based platform (Kodak One) and a cryptocurrency of their own - KodakCoin. It was announced that the Initial Coin Offering would open up for potential investors starting 31st of January. However, as it turns out, Kodak got cold feet at the last moment had has decided to postpone the KodakCoin ICO indefinitely.

Kodak announced that they need several more weeks before launching their KodakCoin ICO. The company stated that they needed this time to get to know their customers better. The company has already gained the trust of 40,000 investors willing to invest in their idea. However, Kodak now says that they will be vetting through each of these investors and verify them.

Like almost every company wanting to gain attention, Kodak too decided to head forward with the blockchain technology. This move resulted in the Kodak stock price going up by 44% following the announcement. It appeared that this entry into the world of blockchain based technology was perhaps going to help Kodak gain some momentum which they had lost out over the years.

Kodak's $20 Million KodakCoin ICO had a lot of hype going behind it. Investors from around the world were excited about this, but Kodak’s sudden cold feet will perhaps make potential investors re-think their decision. The impact of this announcement was visible in Kodak’s stock as the prices fell by 13% almost immediately.

While uncertainty shrouds KodakCoin’s future, the CEO Jeff Clarke appears to be confident in the idea that powers it. He responded to all the criticism he had faced by saying,

"This is not a dog food company that’s creating a currency. This is a real solution around digital rights that Kodak has been involved in for many years."

Why Did Kodak Delay The KodakCoin ICO?

While Kodak has given an official explanation that they are delaying the ICO to get to know their investors better, there is perhaps more to this than what meets the eye. The KodakCoin ICO has been met with mixed reactions. While many in the markets are optimistic that such an iconic brand like Kodak is betting big on the crypto-business, many naysayers are questioning the fact that does Kodak really need a blockchain based technology?

Questions are also being raised on Kodak’s partners, primarily Cameron Chell, who is a lead advisor to the KodakCoin project. Chell doesn’t have a good reputation in the industry due to his past. He was banned from trading on the Alberta Stock Exchange in the 90s and was fined $25,000 for violating rules. Moreover, there have been various other allegations against the man which give the KodakCoin ICO an impression of being 'ruined by association.'

For Kodak, this last moment postponement of the ICO could be a self-goal because this wouldn’t give the regulators and investors the best of messages. However, it would be interesting to see when Kodak decides to re-launch the KodakCoin ICO again. Stay tuned with us for more updates on the world of cryptocurrencies!