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Kodak stock soar after KodakCoin announcement

Kodak stock soar after KodakCoin announcement

Kodak said in a press release, "Today Kodak and WENN Digital, in a licensing partnership, announced the launch of the KODAKOne image rights management platform and KODAKCoin, a photo-centric cryptocurrency to empower photographers and agencies to take greater control in image rights management".

The AP reports shares of Eastman Kodak Co. more than doubled to close at $6.80 Tuesday.

The Rochester-based company announced Tuesday that it's launching its own digital licensing and cryptocurrency similar to Bitcoin.

Kodak is no stranger to the challenges of the medium's transition to digital - despite accounting for as much as 90 percent of film sales and 85 percent of camera sales in the United States at its peak, the company struggled with changes to the market in the late 1990s and was forced to refocus on new technologies.

This new system will allow photographers to register their work and receive payments much faster once they've been licensed.

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. Kodak, whose name was once synonymous with photographic film, emerged from bankruptcy in 2013 after selling off most of its patents to companies including Apple Inc. and Microsoft Corp. The stock has been slumping over the past year, shedding more than 70 percent of its value. The stock had been slumping over the previous year, shedding more than 70 percent of its value.

"Engaging with a new platform, it is critical photographers know their work and their income is handled securely and with trust, which is exactly what we did with KODAKCoin", said WENN Digital CEO Jan Denecke.

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

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