After a long time of promising commitments from the company Kodak to put out an initial coin offering or ICO, the company has decided to delay the release of this coin. The company stated that they wanted to release their own version of a coin a few weeks ago, but since that time nothing has been announced as to what was going on with the coins happening. A statement from the company showed that around 40,000 investors had signed up to get in on the initial coin offering, but nothing will be said about what will happen to those investors or if they have actually sunken in any money up until this point.
Don’t Forget to Join our FREE Text list! From Your Cell Phone Text the Phrase CRYPTO to 474747
The statement from the company said that “Given the large interest in the KODAKCoin ICO and the steps we need to take to verify the ‘accredited investor’ status of each interested investor, we expect this process to take several weeks.” This statement comes only a day after a popular news site raised many questions around the legitimacy of those who were helping the large company make their ICO dreams come true. The article also stated that the 40-page document they released is only a bunch of buzzwords and diagrams that essentially means nothing.
When the company announced this new coin, shares of the stock almost doubled and at points throughout that day, was as much as 4-5 times the price only a day earlier. Skeptics for the coins ICO have seemed to outnumber those who are genuinely interested in the coin, which may be a big part of the reason that the company has decided to ultimately not go through with it. The hopes are high that the company can work out the bugs and become apart of the future of cryptocurrency.