Going Blockchain: Telegram and Kodak to Launch Cryptocurrencies
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Two really exciting ICOs are coming ahead and the news about them is already spreading like wildfire. Not only that, the announcements are already having a definitive impact on the current market values of the companies. Kodak and Telegram are both leading companies in their respective fields and the fact that they’ve decided to adopt the blockchain technology is nothing short of substantial.
According to reports from the ICO market, Telegram seeks to raise an approximation of $1.2 billion. This is going to represent the largest sale of crypto tokens up to date. What is more, Telegram also seems to intent to bring cryptocurrency payments to the masses because of their 200 million pool of users.
Even though these two statements sound substantial, they do not represent the elephant in the room. The proposed TON (Telegram Open Network) which seeks to decentralize online communication, allowing a myriad of services along the line such as file sharing, anonymous browsing and all that – this is the big news. All of these will be purchasable with a brand new crypto token which is supposedly going to be called “gram”. Multicoin Capital’s Kyle Samani even goes so far to compare this ambition with the ones of visionary Elon Musk.
Sources close to the offering revealed that $500 to $600 million of the new cryptocurrency will be available at a pre-sale while the other $600 to $700 million shall be offered publicly. The company is supposedly using the SAFT (Simple Agreement for Futures Tokens) Structure where money is raised from accredited investors prior to building a functioning network.
And while there are a few different companies which are currently trying to disrupt the same industry, no big names such as Telegram popped up yet. The news was ‘leaked’ and it’s already spreading like wildfire, going viral within the Telegram community itself and on mainstream news.
On another note, a massive increase in the stock price of Kodak was noted today. The 44% surge was not without a reason. Kodak is announcing a partnership with Wenn Digital. The intention of their collaboration is to create a photo-centric cryptocurrency. This is supposed to conveniently empower agencies and photographers to take control when it comes to image rights management.
This is not the biggest surge, though. Just the other day when the announcement was actually made (9th of January, 2018), the price surged with a substantial 119.36% to reach $6.80.
According to the announcement, the ICO is going to take place on the 31st of January, 2018. It is going to be open to accredited investors from Canada, U.S. and selected countries. The coin is going to be called KodakCoin.
Will this be a game changer? It’s a tough question. The KODAKOne platform, as the project shall be called, intends to use the blockchain to conveniently enhance record-keeping and traceability when it comes to image rights management. There are quite a few companies and current ICOs with similar vision and intentions but there are hardly any sharks in the pond as serious as Kodak.