Kodak shares leap 100% after it announces own cryptocurrency

PanARMENIAN.Net - Stock prices for Eastman Kodak Co were up more than 100 percent on Tuesday afternoon as the company became the latest to jump on the cryptocurrency bandwagon, The Daily Mail reports.

The company, based in Rochester, New York, announced it was launching a cryptocurrency called 'KODAKCoin' for photographers.

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

The Kodak systems will allow photographers to register work that they can license and then receive payment.

The initial coin offering will open January 31.

Shares of Eastman Kodak Co closed at $6.80 on Tuesday. The stock has been slumping over the last year, shedding more than 70 percent of its value.

Kodak was a Dow Jones Industrials component until April 2004 and has seen its stock slump 90 percent since emerging from bankruptcy in 2013.

'Engaging with a new platform, it is critical photographers know their work and their income is handled securely and with trust, which is exactly what we did with KodakCoin,' CEO Jeff Clarke said.