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 has always sought to democratise photography and make licensing fair to artists".
Shares in Eastman Kodak Co. more than doubled after the former camera and film heavyweight said it would launch the Kodakcoin, "a photocentric cryptocurrency to empower photographers and agencies to take greater control in image rights management".
Kodak has just announced that they have joined the increasing popular realm of cryptocurrency by announcing their Kodakcoin, the latest digital coin making waves online.
According to the Associated Press, blockchain is a ledger where transactions of digital currencies, like bitcoin, are recorded. The stock has been slumping over the past year, shedding more than 70 percent of its value. "When you see stock prices moving like this it does appear to be troubling - it's hard to say if there's a bubble but it certainly is indicative of a frothy investment market".More news: New York Mayor sues five largest oil companies over global warning
The Kodak systems will allow photographers to register work that they can license and then receive payment.
Another company, the Long Island Iced Tea Corp., also stirred buzz when it recently said it will change its name to Long Blockchain Corp and focus on virtual currency while continuing its beverage business.
The company licensed by Kodak to use its name in conjunction with a new cryptocurrency has already begun pre-selling it ahead of a public initial coin offering (ICO). The stock has been slumping over the previous year, shedding more than 70 percent of its value.
'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.