Eastman Kodak unveils cryptocurrency and stock up 92 percent

Eastman Kodak Co. announced it will launch a cryptocurrency called 'KODAKCoin' for photographers as part of 'KODAKOne' is an image rights management platform in a licensing partnership with WENN Digital. Kodak shares (KODK.N) doubled following the announcement.

Eastman Kodak on Tuesday said the KODAKCoin platform uses blockchain technology as a bitcoin backbone and other virtual currencies that are predicted to be a paradigm in future monetary systems. Shares of KODK.N rose 92 percent on the New York Stock Exchange at US$6.85 after the announcement.

Tinuku Eastman Kodak unveils cryptocurrency and stock up 92 percent

The company headquartered in Rochester, New York, is a film pioneer founded over a century ago and has struggled to transform into a software and imaging technology company. Kodak was a component of Dow Jones Industrials (JJI) until April 2004 and shares have fallen 90 percent since bankruptcy in 2013.

Some companies have announced pivots to the cryptocurrency business. Riot Blockchain (RIOT.O) shares have tripled since October when the biotech company renamed and will focus on bitcoin technology business.

Long Island Iced Tea transformed into Long Blockchain Corp. (LBCC.O) where the stock has more than doubled. On Tuesday, Inpixon shares (INPX.O) rose 40 percent after the data analysis company announced it would adopt blockchain technology.