Kodak is jumping on the cryptocurrency bandwagon, and investors are feasting.
The centenarian company said Tuesday that it plans to debut KodakCoin, which it describes as a “photo-centric” cryptocurrency intended for photographers and agencies to better control the rights of their images.
The KodakCoin currency will also work with the company’s KodakOne payments and digital rights management service that’s built upon the trendy but nascent blockchain technology. Companies are experimenting with blockchain as a way to securely record transactions across a fleet of computers.
“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 CEO Jeff Clarke said in a statement.
Shares of Kodak soared 60% to a high of $5.50 in light of the company’s announcement, highlighting investors’ hunger for cryptocurrencies despite warnings from economists of a bubble.
Shares in Long Island Iced Tea Corp, for example, grew 500% when the company changed its name to Long Blockchain Corp. in December.
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Numerous people shared their thoughts on Kodak’s skyrocketing stock price brought seemingly upon by the mere mention of the words “cryptocurrency” and “blockchain.”
Kodak (KODK), which was once a business giant specializing in film, filed for Chapter 11 bankruptcy in 2012 after years of struggling to keep up with the shifting technology landscape toward digital images.