Kodak announces its own cryptocurrency and watches stock price skyrocket

Kodak announces its own cryptocurrency and watches stock price skyrocket

Kodak announces its own cryptocurrency and watches stock price skyrocket

Shares of Eastman Kodak Co (KODK.N) more than doubled on Tuesday after the one-time leader in photography became the latest company to jump on the cryptocurrency bandwagon.

Kodak and WENN Digital's new photography-based cryptocurrency and blockchain system are created to help photographers benefit monetarily in a world where images are shared and used online more liberally than ever before.

Kodak shares more than doubled in price early Tuesday following an announcement that the historically influential photography company will launch a new blockchain product. Companies that do so see their stocks rise in value afterward. While Kodak may have been forgotten by some people due to the "smartphone era", the company is now entering what most technology companies can not get enough of, i.e. Blockchain and ICOs. The digital token will be used to pay photographers-professional and amateur-for work that is licensed out to other sources.

The exchange of money will get the added step of converting dollars, which can be spent anywhere, into "KODAKCoin", which can be spent nowhere outside of the KodakOne service.

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"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". KODAKCoin will be used for transactions when photographers license their work.

January 9, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in Blockchain content with its Bitcoin and blockchain portals strong Bitcoinandblockchainstocks.com, Cryptocurrencyinvestorideas.com and Blockchaininvestorideas.com reports Today Kodak and WENN Digital, in a licensing partnership, announced the launch of the KODAKOne image rights management platform and KODAKCoin, a photo-centric cryptocurrency to empower photographers and agencies to take greater control in image rights management.

KodakCoins will go on sale January 31 via a fundraising technique called an initial coin offering, through which the company will sell a set amount of coins.

Kodak is a technology company focused on imaging.

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