Kodak Sees Stock Price Soar Following Unveiling of KodakCoin
Kodak plans to release its own cryptocurrency to help photographers license and track works.
Kodak, a company that seemed dead and gone with the advent of digital photography, just saw a surge today as it announced the creation of its own cryptocurrency. The so-called KodakCoin will be the token that powers the company’s new KodakOne platform. KodakOne will allow photographers to register their images, license them and search the web for unauthorized usage.
CEO Jeff Clarke explained:
“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.Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that."
Kodak’s stock doubled in value following the company’s announcement.
Here we go again…
Connecting one’s company to Blockchain or cryptocurrency seems to be the latest - and most sure-fire - way of increasing one’s stock value. Long Island Iced Tea company recently changed its name to Long Blockchain and saw its value increase five-fold. While Clarke is optimistic that the new cryptocurrency will revive Kodak’s flagging fortunes, the Financial Times calls the move a “last desperate bid for relevance.”
KodakCoin will be launched by ICO on January 31. The token sale is only open to accredited investors.