Kodak Stock Surges After Announcing Cryptocurrency Play

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It seems as though Kodak is the next major company to catch the cryptocurrency bug, as it looks toward hosting an ICO for accredited investors at the end of the month.

According to recent reports, Kodak is partnering with Wenn Digital to release their own cryptocurrency, called KodakCoin. The platform associated with the cryptocurrency will be called “KodakOne,” and according to their website, will “help photographers protect their creative endeavors.”

The platform will act as a rights management platform in which photographers will have the ability to register their works to a public ledger in order to protect their ownership. The coin will facilitate licensing payments when their photography is used, allowing them to monetize their works in a quick and efficient manner.

The website also mentions that the offering will be registered with the SEC, which is a great note considering that there is still an air of mystery with their stance on cryptocurrency and the legality of initial coin offerings. However, in their latest press release to the public, they encouraged companies looking to ICO to seek guidance with the SEC – a small sign of acceptance and embracement of the new funding vehicle.

The press release confirmed the news, with Kodak having the following to say:

“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. “Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.”

After releasing news of the new cryptocurrency-based product, shares of Eastman Kodak Company skyrocketed over 100% – moves that are normally seen in cryptocurrency markets.

However, this type of market movement has been seen as of recently with any publicly traded company announcing a form of blockchain or cryptocurrency name or product. Earlier in December, the Long Island Iced Tea Corp. changed their name to Long Blockchain Corp. and share prices nearly tripled.

The SEC Fort Worth Office had a bit of fun the other day on a related note regarding companies that have been including blockchain in their name receiving a mass amount of attention. With all of their tweets typically receiving between 1-50 hits of engagement, it made sense that their tweet about blockchain was retweeted and liked thousands of times.

Kodak isn’t the first corporate player to enter the cryptocurrency space – nor will they be the last. This will most likely continue to be a growing trend as the ICO boom continues.

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