Kodak’s Stock Doubles After It Reveals Its Own Cryptocurrency, KodakCoin

&l;p&g;&l;img class=&q;dam-image bloomberg size-large wp-image-34661775&q; src=&q;https://specials-images.forbesimg.com/dam/imageserve/34661775/960×0.jpg?fit=scale&q; data-height=&q;629&q; data-width=&q;960&q;&g; (Photographer: Doug Benz/Bloomberg News)

Kodak is&a;nbsp;jumping&a;nbsp;on the cryptocurrency bandwagon. &l;!–donotpaginate–&g;

The storied camera company&s;s stock jumped 130% on Tuesday after it said it was launching its own cryptocurrency and a platform that leverages blockchain.

The new currency will be called&a;nbsp;KODAKCoin,&l;span&g;&a;nbsp;which the company said will empower photographers to take greater control over their images and the rights attached to them. &l;/span&g;

It&s;s also launching an image rights management platform that leverages blockchain technology called KODAKOne, where photographers can register their work and license it to others.

&a;ldquo;For many in the tech industry, &a;lsquo;blockchain&a;rsquo; and &a;lsquo;cryptocurrency&a;rsquo; are hot buzzwords, but for photographers who&a;rsquo;ve long struggled to assert control over their work and how it&a;rsquo;s used, these buzzwords are the keys to solving what felt like an unsolvable problem,&a;rdquo; said Kodak CEO Jeff Clarke.

He added: &a;ldquo;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.&a;rdquo;

Kodak is just the latest company to experiment with digital currencies. As the price of bitcoin has soared 1,300% in the course of the last year, many businesses have looked for a way to get in on the action in some way.

Long Island Iced Tea Corporation&s;s stock skyrocketed last month when it said that it would &l;a href=&q;https://www.forbes.com/sites/laurengensler/2017/12/21/an-iced-tea-company-says-its-pivoting-to-blockchain-stock-rockets-higher/#49d358f3cde4&q;&g;shift its primary focus from beverages to the exploration of and investment in blockchain technology&l;/a&g; and change its name to&a;nbsp;&l;span&g;Long Blockchain Corporation. A&a;nbsp;biotech company changed its name to Riot Blockchain and its stock quadrupled.&l;/span&g;

Many have raised concerns about the mania surrounding bitcoin, suggesting that the monster run-up in the currency&a;nbsp;has resulted in a bubble and that prices could come crashing down.

Kodak, which was founded in 1888 and put cameras in the hands of everyday Americans, has struggled to transform itself into a modern-day photography company. It filed for bankruptcy protection in 2012 and emerged the next year as a leaner company with a focus on commercial imaging. Yet,&a;nbsp;its stock has shed 80% since&a;nbsp;then. Its largest shareholder remains&a;nbsp;Blackstone&s;s GSO Capital Partners, which helped to backstop the company during bankruptcy.

&l;span&g;Kodak&s;s initial coin offering will open on January 31.&l;/span&g;&l;/p&g;

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