Kodak to launch cryptocurrency, stock pops 125%

Eastman Kodak enters the world of crypto-currency launches KODAKCoin too

KodakOne not only allows photographers to license their work and get paid more quickly, it will search the internet for unauthorized use of images, the company said.

CBS Marketwatch said Kodak was "boarding the blockchain bandwagon", hoping to capitalize on the cryptocurrency trend to boost its stock price.

ROCHESTER, N.Y. -(BUSINESS WIRE)-Today Kodak and WENN Digital, in a licensing partnership, announced the launch of the KODAKOneimage rights management platform and KODAKCoin, a photo-centric cryptocurrency to empower photographers and agencies to take greater control in image rights management. They're using the blockchain to develop a platform for digital photography dubbed KODAKOne, which could just catapult the nostalgic image company into the 21st century.

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 closed Tuesday at $6.80 a share, up $3.70 or 119%, on record-setting volume of 66 million shares.

Blockchain is a secured, online ledger of transactions that doesn't need a third party to act as a go-between. Average daily trading volume is 243,171 shares.

Eastman Kodak enters the world of crypto-currency launches KODAKCoin too

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.

Chanticleer Holdings (BURG), a company which owns a number of restaurants, saw gains of 40% in a single day when it announced plans to incorporate blockchain into its customer loyalty programs. Before Tuesday's cryptocurrency announcement, the historic camera powerhouse's stock price had sunk more than 70% over the a year ago.

Share value in Kodak popped on the news, climbing almost 120 percent to $6.80 as of writing. Nonetheless, the company has seen stagnation in its stock price in the past year following a rough five-year period.

The unveiling marks the first time Kodak has revealed its interest in the technology. Perhaps the foray into the cryptocurrency space will reinvigorate the company, long maligned for failing to change with the times. An initial coin offering (ICO) is scheduled to commence on January 31st. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.

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