In 2017, cryptocurrency is very popular in the world. However, with the popularity of cryptocurrency, does not rule out that a company that launched the coin will go bankrupt. Examples such as Kodak are launching KodakCoin which filed for bankruptcy protection in 2012.
Now, the company is fighting for its future by offering a digital currency intended to help photographers in selling their jobs. The announcement boosted Kodak's share price more than doubled. However, it seems very difficult to do the same in sales or corporate profits.
Kodak, based in Rochester, New York, rose from bankruptcy in 2013 and managed to escape most of its debt and patents. Kodak refocused around digital photo printing, packaging and film business inheritance that became a shadow of its heyday when Paul Simon had a hit song that told of Kodachrome.
However, none of these businesses succeeded, leaving sales levels down a third in the first three years after bankruptcy, and Kodak's sales again fell by 8% to USD 1.1 billion in the first three months of 2017. While the market capitalization of the company is almost reached USD 30 billion down to USD 135 million earlier this week.
In addition, the blockchain and ICO platform plans managed to change Kodak's stock movement, and the company has just seen a potential halo cryptocurrency effect after bitcoin jumped 14-fold by 2017.
While in December, Long Island Iced Tea jumped threefold after naming herself with Long Blockchain.
The start-up company raised more than USD 3 billion through ICO earlier this year, led by Filecoin, a blockchain data storage network that managed to raise $ 257 million. Therefore, players in the blockchain business are increasingly crowded, so ICO Alert notes there are about 80 deals on the market and nearly the same number planned in the next two months.
Based on data released by Eikon, Kodak continues to search for assets for sale so that the funds can be used to repay some of their debts worth about USD 845 million. The blockchain platform can give photographers a better way to license their pictures and receive payouts. But it's hard to see how it will reverse Kodak's already declining performance for decades.