Kodak Is Jumping Into The Cryptocurrency Frenzy

Kodak announces ICO, stock jumps 44%

American technology company Kodak launches cryptocurrency for photographers.

It is part of "KODAKOne" - an image rights management platform launched in a licensing partnership with WENN Digital.

"The community will be supported with a set of unique benefits only available by the issuance of Kodakcoin cryptocurrency via an SEC Regulated ICO", Kodak said.

The platform, called KODAKOne, was unveiled at the Consumer Electronics Show (CES) - now taking place in Las Vegas - by Kodak and WENN Digital, in a licensing partnership.

Since its announcement, the move has resulted in a 92% shoot in its share price in the midafternoon trading on the NY stock exchange at US$5.95, according to Reuters.

More news: Huawei wins patent lawsuit against Samsung in China

As Kodak explained - photographers will be able to receive payments for their licensed work immediately upon sale and will be able to sell their work confidently on a secure blockchain platform.

Kodak's initial coin offering will open on January 31 to investors in select countries, including the U.S., United Kingdom, and Canada. When unlicensed usage is detected, the platform manages the post-licensing process to reward photographers. The latest advancement in this scenario is the announcement of a 130-year old photography and film production company named as Kodak Eastman Co. The announcement came Tuesday in a release stating that Kodak will join forces with WENN Digital and will become KodakOne. KODAKCoin will be used as the virtual currency on the platform, allowing photographers to be paid instantly for their work using the secure system. The venerable company emerged from bankruptcy in 2013 with a focus on commercial imaging but its stock had lost 80% of its value since then. Only time will tell whether Kodak will thrive because it has embraced the blockchain technology.

Kodak CEO Jeff Clarke dismissed the idea that Kodak is simply taking advantage of the current cryptocurrency trend.

Alongside its new cryptocurrency, Kodak also announced KODAKOne, an image rights management platform that would crawl the web identifying where professional images have been used without the correct license.

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