Kodak to launch cryptocurrency, stock pops 125%

How to buy in addition to sell Bitcoin

Kodak is usually moving coming from cameras to crypto in a move likely to be viewed as a picture-perfect example of bitcoin mania.

The century-old camera brand said Tuesday the idea is usually investing in blockchain technology in addition to plans to launch a “photo-centric cryptocurrency” called KODAKCoin.

Kodak (KODK)‘s stock surged as much as 125% in trading after the announcement.

With the cost of Bitcoin, Litecoin, Ripple in addition to some other digital currencies skyrocketing, an eclectic mix of smaller, unrelated businesses has attempted to ride the wave of investor interest by teasing cryptocurrency pivots.

Long Island Iced Tea Corp. changed its name to Long Blockchain Corp (LBCC). Bioptyx rebranded as Riot Blockchain (RIOT) in addition to shifted its business product coming from biotech to bitcoin. Rich Cigars, a tobacco company, in addition to Vapetek, an e-cigarette firm, each declared they were suddenly blockchain businesses.

Related: I bought $250 in bitcoin. Here’s what I learned

Investors have generally reacted to these announcements by sending the stocks soaring. However, Kodak framed the move as being about more than profiting off a buzzword.

“For many within the tech industry, ‘blockchain’ in addition to ‘cryptocurrency’ are hot buzzwords,” Jeff Clarke, Kodak’s CEO, said in a statement. “although for photographers who’ve long struggled to assert control over their work in addition to how the idea’s used, these buzzwords are the keys to solving what felt like an unsolvable problem.”

Kodak says the idea will use the blockchain, essentially a digital ledger, for a fresh platform called KODAKOne to help photographers manage image rights. KODAKCoin will be used for transactions when photographers license their work.

The Kodak news was quickly met with sarcasm on social media. As one reporter joked on Twitter (TWTR), the idea may only be a matter of time before we see the launch of “PolaroidCOIN” in addition to “SearsCOIN.”

sy88pgw’s Paul R. La Monica contributed to This specific report.

sy88pgw (fresh York) First published January 9, 2018: 2:06 PM ET

Kodak to launch cryptocurrency, stock pops 125%

Related Posts

About The Author

Add Comment