Legendary camera-maker Kodak has announced plans to launch its cryptocurrency called “Called Kodakcoin, Bloomberg reported.
The ICO of the “photocentric cryptocurrency to empower photographers and agencies to take greater control in image rights management” will open at the end of the month.
“The community will be supported with a set of unique benefits only available by the issuance of Kodakcoin cryptocurrency via an SEC Regulated ICO,” Kodak said.
The currency which will be launched in partnership with Wenn Digital will be part of KODAKOne—an image rights management platform which is a joint project between these two firms.
“For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who have long struggled to assert control over their work and how it is used, these buzzwords are the keys to solving what felt like an unsolvable problem,” said Kodak CEO Jeff Clarke.
The shares of Kodak rose $3.70, or 119 percent, to $6.80 as of 4:22 p.m. in New York following the news, boosting Kodak’s market value to $289.5 million.