Kodak announced plans to enter the booming cryptocurrency arena last month through a joint venture with WENN Digital that will involve the creation of the KodakOne image rights management platform and the new KodakCoin cryptocurrency.  

In an update on the progress of its ICO (initial coin offering), the firm said it expected to close the pre-sale rounds soon.

"In light of the increased worldwide regulatory interest in ICOs, we are taking the necessary measures to ensure that the KodakCoin ICO complies with all applicable securities and other laws. As a result, the first step in the process is to ensure that all investors satisfy the investor qualification requirements of the applicable jurisdictions in which offers and sales will be made. This phase will last for a few weeks, after which we intend to sell KodakCoins to eligible investors," Kodak stated.  

More than 40,000 investors have expressed an interest, and the accreditation process is likely to take several weeks.  

Kodak also warned interested parties to be alert to a number of spam KodakCoin websites and Facebook accounts purporting to sell KodakCoin tokens, and reiterated that the only official website was the KodakCoin website.

Shares in Kodak jumped to $11.55 (£8.37) last month after the KodakCoin announcement, but have fallen to $5.55 this week, following the ICO update and a critical report from US hedge fund Kerrisdale Capital Management.