Eastman Kodak Company (NYSE:KODK) is jumping into the cryptocurrency field with its own virtual currency named “KODAKCoin.”
Kodak is teaming up with WENN Digital as a licensing partner for the launch of KODAKCoin. The two will also launch KODAKOne, which will be an image rights management platform connected to the virtual currency.
Kodak says that KODAKOne and KODAKCoin will allow the rights holders of photography to easily store and access their images. These rights owners can use the platform to license out their images to others. Payments will be made with KODAKOne and the goal is to create a new environment where photographers can be paid immediately for their work.
Kodak notes that the KODAKOne platform will include constant web crawling to seek out images that are being used without rights. The platform can identify these images and then seek to obtain licensing fees for photographers.
“Kodak has always sought to democratize photography and make licensing fair to artists,” Jeff Clarke, CEO of Kodak, said in a statement. “These technologies give the photography community an innovative and easy way to do just that.”
Kodak says that its initial coin offering (ICO) for KODAKCoin will take place at the end of the month. The company notes that it is following guidelines from the U.S. Securities and Exchange Commission (SEC) for the launch of the virtual coin. This will have the cryptocurrency considered “a security token under Regulation 506 (c) as an exempt offering.”
News of KODAKCoin sent shares of KODK stock soaring 60% as of Wednesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.