Kodak Launches Cryptocurrency, Stock Soars

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

Kodak surges after announcing plans to launch cryptocurrency called 'Kodakcoin'

Kodak CEO Jeff Clarke says that Blockchain and cryptocurrency are hot buzzwords but these buzzwords may be key for photographers who have struggled to control their work.

Kodak, KODAKOne and KODAKCoin are trademarks of Eastman Kodak Company.

For many investors, the surest sign that digital currencies are more than just the latest craze is news that longstanding companies are expressing interest in the space.

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

KodakOne will utilize blockchain technology to create an encrypted, digital ledger of rights ownership that photographers can use to register their work and license images through the platform.

The Kodak news was quickly met with sarcasm on social media.

WENN Digital, in partnership with Kodak, is the creator of the KODAKOne platform and the KODAKCoin cryptocurrency.

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There's a growing list of companies that have added language about blockchain or cryptocurrency into their names and mission statements, and it makes sense. The stock has been slumping over the previous year, shedding more than 70 percent of its value.

Shares in iconic film company Eastman Kodak rose by 133 per cent on Tuesday as the company announced plans to put out a cryptocurrency built on blockchain technology that will help photographers share and licence their work in exchange for payment.

While acknowledging the timeliness of the move, the company said in a release that the move has been planned for a while. Nonetheless, the company has seen stagnation in its stock price in the past year following a rough five-year period. However, Kodak framed the move as being about more than profiting off a buzzword. Perhaps the foray into the cryptocurrency space will reinvigorate the company, long maligned for failing to change with the times.

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The coin will come into being via an Initial Coin Offering or ICO on January 18 for accredited investors in Canada, the USA and elsewhere, but shares in the company immediately shot up on the news.

Investing in cryptocurrencies and other Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.

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