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Kodak Is Jumping Into The Cryptocurrency Frenzy

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Kodak Is Jumping Into The Cryptocurrency Frenzy
Camera company Kodak is joining bitcoin and others with the launch of its own digital currency.
SHOW TRANSCRIPT

Kodak is jumping into the cryptocurrency game with the launch of KODAKCoin and KODAKOne.

The former will be a photo-centric cryptocurrency, and the latter will be an image rights management platform.

In a partnership with WENN Digital, the century-old camera company says the digital currency will be used for photographer licensing transactions, while the blockchain technology will let photographers manage ownership rights.

Stocks surged on the announcement midday Tuesday. The coin offering opens on Jan. 31.

Kodak's CEO says the move is less about joining bitcoin and other companies in a trending field and more about helping those in the photography industry take control of their work.

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

Additional reporting from Newsy affiliate CNN.