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Eastman Kodak unveils cryptocurrency, stock soars

Reuters  |  SAN FRANCISCO 

By Noel Randewich

SAN FRANCISCO (Reuters) - of Co surged over 40 percent 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 launched 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 41.9 percent at $4.40 in mid-afternoon trading on the Stock Exchange.

The one-time in photography film has struggled to transform itself into an imaging software and company. was a Industrials component until April 2004 and has seen its stock slump 90 percent since emerging 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.

Riot Blockchain

O> 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 .

(Reporting by Noel Randewich, editing by G Crosse)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 10 2018. 00:26 IST
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