The share price of Eastman Kodak saw a rise of $3.68 (117.60%) to $6.80 as of 9th January 2018 at 4:00 pm GMT (closing) on NYSE (New York Stock Exchange), after it announced that it would launch its cryptocurrency "KodakCoin." During the day the share prices soared up to a high of $7.65.
Kodak said that it had used blockchain technology to create a new platform for digital photography which will use its currency called KodakCoin. The platform is created in a partnership with Wenn Digital.
The platform is meant for photographers to register their work, pay for rights, etc. It will be used as a medium of exchange and aims at democratizing the photography industry, "making licensing fair for artists."
The token sale for ICO (Initial Coin Offering) is set to be on January 31 and will be open to accredited investors from USA and Canada.
After its recovery from bankruptcy in 2013, Kodak has been focusing on digital photography and printing.