Kodak Joins The Cryptocurrency World

Kodak Joins The Cryptocurrency World

The former technological giant Kodak, most famously known for making film and camera equipment is going to launch an initial coin offering at the end of the month. The cryptocurrency will go by the name KODAKCoin.

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The former technological giant Kodak, most famously known for making film and camera equipment is going to launch an initial coin offering at the end of the month. The cryptocurrency will go by the name KODAKCoin.

The Eastman Kodak blockchain platform aims to help photographers from all around the world protect their copyrights. The official announcement was made on Tuesday. The Kodak token will power the KODAKOne platform where photographers can register their previous and new works. Furthermore, users are allowed to license their works within the distributed ledger network. The KODAKCoin will serve as a payment method for acquiring licensing rights and gaining profit when one sells their works.

In addition, the KODAKOne platform will not only generate novel revenue stream for photographers but would rather protect their works by scanning the internet for images licensed within the blockchain.

Jeff Clarke, Kodak CEO, stated that the rise of blockchain technologies gives photographers the chance to protect their works while at the same time enhance their revenues. He added that Kodak’s mission is to democratize photography and make licensing easy. With the launch of their blockchain platform, he believes their mission is getting easier than ever.

For its crypto endeavor, Kodak has formed a collaborative partnership with WENN Digital. The tech firm has developed KODAKOne as well as its token, KODAKCoin.

The move was quite an unexpected one, considering that the company tremendously failed to keep up with the pace of digital innovations. The 130-year-old former heavyweight once was number one producer of film and camera equipment. Since it was blown away by digital companies Kodak has lost its positions in the sector. Due to its miss of digital revolution, Kodak filed bankruptcy in 2012. Soon after, it survived by selling off images rights to Facebook, Google, Apple, Microsoft, and Samsung, among others. The freshly arrived $500 million proved enough to stave off bankruptcy.

The initial coin offering will take place on the last day of January. Only accredited investors from Canada, UK, and the USA are going to have the chance to take part in it in the first place. Kodak assures that the ICO is in accordance with SEC guidelines and is under regulation 506.

Recent news of Kodak’s moves resulted in company’s stakes multiplying 4 times. Before the announcement shares were traded for $3.1 and one day later they skyrocketed to $13.04

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