Delays hit KodakCoin crypto-currency plans

Kodak KashMiner
Image caption Kodak also invested in a Bitcoin-mining machine, which it aims to rent to users

Eastman Kodak shares have fallen after it emerged the company is delaying the launch of its new crypto-currency.

KodakCoin is designed to help photographers register, license and manage their images.

The initial coin (ICO) offering was announced at the CES technology trade fair and, according to Kodak, has attracted 40,000 potential investors.

Initially it said investors could start buying on 31 January, but now it says the process will "take several weeks".

A statement on Kodak's website blamed the delay on the need to verify each investor.

"With over 40,000 potential investors expressing an interest in the ICO, we are now moving into the 'accredited investor' phase," it said.

It also warned potential investors to be on the lookout for fraudulent websites purporting to sell KodakCoin tokens.

It reminded those wishing to buy to do so on the official website and Facebook page.

There has been mounting criticism that companies are taking advantage of the current trend to invest in crypto-currencies and the underlying platform, blockchain.

The US Securities and Exchange Commission said that it was looking closely at the trend of public companies that had announced investments in blockchain.

Kodak's interest in crypto-currency has raised eyebrows among those that follow the 130-year-old photography company, with some calling it a cynical attempt to revive its fortunes.

Shares in the company soared nearly 120% after it revealed plans to enter the crypto-currency arena. But news of the delay of the ICO saw shares fall more than 15%.

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