Kodak stock soar after KodakCoin announcement

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  • Stock prices for Eastman Kodak Co were up more than 100 percent on Tuesday
  • It is launching a cryptocurrency called ‘KODAKCoin’ for photographers
  • Kodak systems will allow photographers to register work that they can license and then receive payment 
  • The company is the latest to jump on the cryptocurrency bandwagon 

Reuters

and
Associated Press

Shares in Kodak have surged after the one-time leader in photography announced its own cryptocurrency for photographers called KodakCoin.

Stock prices for Eastman Kodak Co were up more than 100 percent on Tuesday afternoon as the company became the latest to jump on the cryptocurrency bandwagon. 

The company, based in Rochester, New York, announced it was launching a cryptocurrency called ‘KODAKCoin’ for photographers.

Stock prices for Eastman Kodak Co were up more than 100 percent on Tuesday afternoon as the company became the latest to jump on the cryptocurrency bandwagon.

Stock prices for Eastman Kodak Co were up more than 100 percent on Tuesday afternoon as the company became the latest to jump on the cryptocurrency bandwagon.

It is part of ‘KODAKOne’ – an image rights management platform launched in a licensing partnership with WENN Digital. 

The Kodak systems will allow photographers to register work that they can license and then receive payment. 

The initial coin offering will open January 31. 

Shares of Eastman Kodak Co closed at $6.80 on Tuesday. The stock has been slumping over the last year, shedding more than 70 percent of its value. 

Kodak was a Dow Jones Industrials component until April 2004 and has seen its stock slump 90 percent since emerging from bankruptcy in 2013. 

‘Engaging with a new platform, it is critical photographers know their work and their income is handled securely and with trust, which is exactly what we did with KodakCoin,’ CEO Jeff Clarke said.

Kodak's platform uses blockchain technology, the backbone of Bitcoin (above) and other digital currencies that have surged in recent months and raised fears of a price bubble

Kodak's platform uses blockchain technology, the backbone of Bitcoin (above) and other digital currencies that have surged in recent months and raised fears of a price bubble

Kodak’s platform uses blockchain technology, the backbone of Bitcoin (above) and other digital currencies that have surged in recent months and raised fears of a price bubble

Several other companies in recent weeks have been rewarded with sharp rises in share price after announcing their transformation into cryptocurrency businesses.

Riot Blockchain shares have tripled since October when the former biotechnology firm changed its name and said it was revising its business focus to bitcoins.

Soft drinks maker Long Island Iced Tea has more than doubled since it said it was shifting its focus to blockchain technology and changing its name to Long Blockchain Corp. 

Kodak and others are entering the market as warnings grow over the riskiness of virtual currencies and the potential for a bubble. 

There are no regulations over the creation and use of virtual currencies and the nature of the transactions make them hard to trace.





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