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KodakCoin: Kodak Stock Price Jumps After Announcing Cryptocurrency Launch

KodakCoin: Kodak Stock Price Jumps After Announcing Cryptocurrency Launch

Kodak shares more than doubled in price early Tuesday following an announcement that the historically influential photography company will launch a new blockchain product.

Shares of Kodak soared over 41% after the KODAKCoin announcement. Eastman Kodak believes this new venture, which will be launched via an ICO, will help to address these concerns.

Shares of Kodak KODK skyrocketed on Tuesday after the company announced that it is set to enter the cryptocurrency market through a partnership with WENN Digital that will allow photographers to monetize their work in a new way.

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

"The image rights management platform will utilize the new KODAKCoin cryptocurrency to provide photographers with a new revenue stream and secure platform for protecting their work." .

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The unveiling marks the first time Kodak has revealed its interest in the technology. Kodak says participating photographers - amateurs and professionals alike - will receive payment for licensing their work immediately upon sale.

While acknowledging the timeliness of the move, the company said in a release that the move has been planned for a while.

"For many in the tech industry, "blockchain" and "cryptocurrency" are hot buzzwords, but for photographers who've long struggled to assert control over their work and how it's used, these buzzwords are the keys to solving what felt like an unsolvable problem", enthused Kodak CEO Jeff Clarke in a buzzword-laden statement. With our world-class R&D capabilities, innovative solutions portfolio and highly trusted brand, Kodak is helping customers around the globe to sustainably grow their own businesses and enjoy their lives. The blockchain technology will protect users and their work by constantly scanning the web for illegal use of the user's work and their IP address. When unlicensed use is detected, the platform can help photographers reach licensing arrangements and get rewarded for their work.

KodakCoin will be registered as a security with the US SEC, and the upcoming ICO is open to accredited investors across the United States, Canada and the UK among other countries.

The company also announced a website, KODAKCoin.com which they say will have more details in the coming days.


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