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Eastman Kodak unveils cryptocurrency, stock doubles

Reuters  |  SAN FRANCISCO 

By Noel Randewich

SAN FRANCISCO (Reuters) - of Co more than doubled on Tuesday after the one-time in photography became the latest company to jump on the cryptocurrency bandwagon.

The storied Rochester, New York-based company said in a statement it is launching a cryptocurrency called "KODAKCoin" for photographers, part of "KODAKOne," an image rights management platform in a licensing partnership with

The platform uses blockchain technology, the backbone of bitcoin and other digital currencies that have surged in recent months and raised fears of a price bubble.

The stock was last up 92 percent at $5.95 in midafternoon trading on the Stock Exchange, off an earlier high at $6.65.

The film pioneer founded over a century ago has struggled to transform itself into an imaging software and company. was a Industrials component until April 2004, and its stock has slumped 90 percent since it emerged from bankruptcy in 2013.

Several other companies in recent weeks have been rewarded with sharp rises in share price after announcing their transformation into cryptocurrency businesses.

"This is getting ridiculous," said Dennis Dick, a proprietary at in "From a fundamental point of view, none of this makes sense."

Riot Blockchain have tripled since October when the former firm changed its name and said it was revising its business focus to bitcoins.

has more than doubled since it said it was shifting its focus to and changing its name to Long Blockchain Corp.

Also on Tuesday, surged 9 cents or 40 percent to 31 cents per share after the data analytics company announced it would adopt

belongs to WENN Media, which provides photos to websites and media.

(Reporting by Noel Randewich, Editing by G Crosse and Matthew Lewis)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, January 10 2018. 09:16 IST