United States based technology firm Kodak has announced that it will launch its own cryptocurrency, with plans to host an initial coin offering (ICO) at the end of January. Truth is Kodak's big film revival isn't working out as well as planned, which leaves it in a tough spot. How is it going to spark interest and raise a ton of cash in a hurry? Easy -- hop on the cryptocurrency bandwagon.
The former legend has partnered with Wenn Digital to launch a KodakOne image-rights platform that takes advantage of KodakCoin, a photo-centric virtual currency. In theory, the monetary format creates a reliable photo economy -- the distributed trust of blockchain ensures you get paid instantly and securely the moment someone buys your pictures. KodakOne, meanwhile, continuously crawls the web looking for copyright violations.
The idea is that photographers could use Kodak's forthcoming blockchain to register works, with "KODAKCoin" functioning as a medium of exchange on the platform. Users can receive payment in the cryptocurrency as well as pay for rights, according to the company.
The unveiling marks the first time Kodak has revealed its interest in the technology. The company is perhaps best known for its photography-related products, though a bankruptcy and subsequent recovery in 2013 led the firm to focus more actively on printing and digital film.
Market data suggests that, at the very least, Kodak is enjoying a bit of an investor windfall as a result of its announcement. As of press time, shares for Kodak are up roughly 37 percent for the day, having risen from an opening of $3.10 to as high as $5.50 before settling down around $4.30, according to Google data.