Kodak to announce its new cryptocurrency “KodakCoin”
Shares of Kodak started rising after the 130-year-old industrial company announced its plans of taking out its own cryptocurrency. The shares rose by 57 per cent, which more than doubled on Tuesday. These closed on Wednesday at $10.70, while they were around $3.13 before the announcement was made.
Kodak said on Tuesday that KodakCoin will roll out after an initial coin offering later this month. Blockchain is going to be used to build KodakOne, the company's new photo rights and royalties tracking product for digital photographers. KodakCoin will be the currency to be used on that platform.
Once synonymous with film cartridges, paper and camera equipment, KodakCoin will be seen as a step to evolve the fading American brand. Kodak entered bankruptcy six years ago and emerged with a new focus on digital printing and packaging. But it is still struggling to regain momentum.
Like many old-line companies, it has embraced cryptocurrencies and Blockchain to remake its image.
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