Overstock’s blockchain subsidiary tZERO has announced that it will provide advisory services for KODAKCoin’s upcoming token sale, and later list the coin on its exchange.
KODAKCoin is a recently announced partnership between Eastman Kodak and WENN Digital. The companies plan to launch an image rights management platform which will use KODAKCoin as its native token. The project will be funded via an ICO which is due to start on 31st January. Kodak’s share price doubled shortly after the announcement.
Some analysts believe the move is another attempt to cash in on the popularity of ICOs as part of what some refer to as the ‘blockchain effect’, questioning the extent to which a blockchain can protect copyrighted material.
Overstock, an internet retailer, announced last year that it will pivot into the blockchain space by launching a “distributed ledger platform for capital markets.”
The platform is intended to reduce inefficiencies in traditional capital markets and act as a bridge between traditional asset markets and crypto markets. The venture is itself being funded by a token sale which is currently in pre-sale for accredited investors. This announcement comes the day before the public sale which is due to start tomorrow.
tZero’s white paper is only available to accredited investors at this point, and the website is thin on detail. It is therefore not known when tZERO’s exchange will be operational and able to offer secondary market trading of KODAKCoin.
The announcement may have more to do with creating publicity ahead of both party’s token sales. Investors are beginning to focus on whether blockchain projects are making tangible progress, and the deal is viewed by some as something of a publicity pull for both tZERO and KODAKCoin.