Kodak announces “photo-centric cryptocurrency”; Stock soars high

By : |January 11, 2018 0

Kodak has announced a partnership with Wenn Digital to create a “photo-centric cryptocurrency” that will “empower photographers and agencies to take greater control in image rights management.”

Kodak says KodakOne will be an encrypted, digital ledger which will develop “a new economy for photography” by the facilitation of payments for licensing images.

“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,” said Kodak CEO Jeff Clarke. Eastman Kodak believes this new venture, which will be launched via an ICO, will help to address these concerns.

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Since the announcement, the stock price is trading up 89 percent. Kodak isn’t the first company to see explosive stock gains after announcing a cryptocurrency product. Others like Veltyco, LongFin and even Long Island Iced Tea Corp all saw triple-digit gains thanks to a cryptocurrency move.

The ICO will take place on January 31, 2018 and is open to accredited investors from the US, Canada and other select countries.

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