Shares of Eastman Kodak stock were up more than 100% in afternoon trading after the company announced a new cryptocurrency initiative
On Tuesday, the company unveiled a licensing partnership with Wenn Digital to launch an image rights management platform called KODAKOne and a photo-centric cryptocurrency called KODAKCoin.
The stock price opened at $3.10 a share Tuesday and rose as high as $7.47 after the announcement was made at the CES technology show in Las Vegas.
In a release, the company said the KODAKOne platform will be an encrypted, digital ledger of rights ownership for photographers to register both new and archival work that they can then license for use.
The company describes KODAKCoin as “a new economy for photography,” which will allow photographers to receive payment for licensing their work immediately upon sale, sell their work confidently on a secure blockchain platform.
The system will be open to both professional and amateur photographers.
Initial reactions from financial analysts were mixed.
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CBS Marketwatch said Kodak was “boarding the blockchain bandwagon,” hoping to capitalize on the cryptocurrency trend to boost its stock price.
Bloomberg said “The move comes as investors snap up virtually any asset related to digital coins or the blockchain technology that underpins them — no matter how tenuous the tie.”
The Financial Times was more blunt in its criticism, calling it “Kodak’s last desperate bid for relevance.”
Fonte: usatoday
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