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Kodak Delays Initial Coin Offering; Square Cash Offers Bitcoin Trades
) plunged after the company pushed back an initial coin offering initially scheduled today for its new photocentric cryptocurrency, called KodakCoin, saying it needed "several weeks" to verify that the scores of investors interested in the offering were accredited.
So-called initial coin offerings, or ICOs, are a form of fundraising in which investors will buy a company's own cryptocurrency or token in exchange for traditional money or a digital asset like Bitcoin. Kodak, on the website for the KodakOne platform, said that more than 40,000 potential investors showed interest in the ICO, and that it was "moving into the 'accredited investor' verification phase."
"Given the large interest in the KodakCoin ICO and the steps that we need to take to verify the 'accredited investor' status of each interested investor," the statement continued, "we expect this process to take several weeks."
The company also said that its ICO would be offered outside the U.S. "in accordance with the applicable laws of each jurisdiction where such offers and sales occur." As such coin offerings become more popular around the world, ensuring compliance could become a bigger issue for companies seeking to raise money via cryptocurrency.
) CEO Jack Dorsey on Twitter said that "instant" buying and selling of Bitcoin was now available to most Cash App customers.
"We support Bitcoin because we see it as a long-term path toward greater financial access for all," he added. "This is a small step."
, some three weeks after the onetime film giant said it would launch its cryptocurrency in conjunction with a blockchain-based image-rights management platform Bitcoin And Cryptocurrency Technologies Epub , KodakOne. That announcement sent Kodak's stock up nearly 120% in a single day. Square shares rallied 3% to 46.91.
Are Bitcoin, Ethereum and other digital currencies real investments or a speculator's game? Individual investors should be extremely cautious about diving into this new area. Read this feature about
Blockchain is the shared-record keeping technology behind cryptocurrency transactions and is seen as having tremendous potential in
financial services, fraud prevention, food safety and other areas.
But the price of Bitcoin has withered recently — it was up slightly today, hovering just above $10, hovering just above $10 Bitcoin And Cryptocurrency Technologies Epub , and the SEC has begun to crack down on ICOs.
bar ads for initial coin offerings and cryptocurrencies
, citing "misleading or deceptive promotional practices."
Underscoring the security issues, Kodak also warned that there were several spam KodakCoin ICO websites and Facebook pages promoting and offering the tokens.
Before Kodak's massive stock jump earlier this month, blockchain euphoria had similar supernatural effects on stocks of other companies. Among them,
), once known as a beverage company called Long Island Iced Tea Corp.
), which runs a few Hooters restaurants and other burger joints, jumped after the company said it would launch
Long Blockchain jumped 10%, while Chanticleer edged down 1%, and
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