Kodak announces its own cryptocurrency and sees shares rocket

Kodak just became the latest company to jump on the cryptocurrency bandwagon. Like recent random businesses that have embraced blockchain technology, such as Rich Cigars and Long Island Iced Tea, it's seen its stock rocket.

The photography company, which went bankrupt a few years back after dragging its heels amid the digital revolution, announced KODAKCoin and an accompanying KODAKOne platform Tuesday: a "photo-centric cryptocurrency to empower photographers and agencies to take greater control in image rights management."

SEE ALSO: Tobacco company makes a hard pivot to cryptocurrency mining

While photographers have long struggled to get what they deserve for their images, the use of blockchain tech to "create an encrypted digital ledger of rights ownership" might seem a bit unnecessary. That is, until you take a look at Kodak's share price following the announcement. The stock was up 117 percent last time we checked.

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“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 CEO Jeff Clarke said.

Riiight.

The initial coin offering opens on Jan. 31 to investors in the U.S., UK, Canada and selected other countries. Time to reinvest some of that Dogecoin?

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