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Kodak Launching 'KodakCoin'
130-Year-Old Kodak launching 'KodakCoin' for photographers. U.S. technology firm has announced that it will launch its own cryptocurrency, with plans to host an initial coin offering (ICO) at the end of January.
Kodak in an announcement said the cryptocurrency would underpin "an encrypted, digital ledger of rights ownership for photographers." Kodak is working with a company called WENN Digital on the initiative.
The so-called KodakCoin will be the token that powers the company’s new KodakOne platform. KodakOne will allow photographers to register their images, license them and search the web for unauthorized usage.
CEO Jeff Clarke explained:
“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.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."
Shares of Kodak more than doubled Tuesday, closing at $6.80. They were also trading 5.8 percent higher in the after-market. It's not clear at this time how much Kodak intends to seek through the ICO, but the company said that the token sale – set for Jan. 31 – will be open to accredited investors from countries including the U.S. and Canada.
"This initial Coin Offering is issued under SEC guidelines as a security token under Regulation 506 (c) as an exempt offering," Kodak said.
Cryptocurrency New Rescuer For Stocks Fall
There are many companies we see nowadays using phenomenon of "connecting to Blockchain or cryptocurrency" a way of increasing one’s stock value. Long Island Iced Tea company recently changed its name to Long Blockchain and saw its value increase five-fold. The biotech equipment maker Bioptix got a similar boost when it changed its name to Riot Blockchain last year. While Clarke is optimistic that the new cryptocurrency will revive Kodak’s flagging fortunes, the Financial Times calls the move a “last desperate bid for relevance.”
KodakCoin will be launched by ICO on January 31.
Blockchain is a secured, online ledger of transactions that doesn't need a third party to act as a go-between. It is an emerging area of intense interest for banks and other financial companies as well as technology developers, with potential uses in a range of financial transactions including securities settlement and payments.
Kodak CEO Jeff Clarke said in a statement:
"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."