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Kodakcoin: Kodak shares double after launching its own cryptocurrency to rival bitcoin | Kodakcoin: Kodak shares double after launching its own cryptocurrency to rival bitcoin |
(about 7 hours later) | |
Shares in photography firm Kodak more than doubled on Wednesday after the iconic photography company announced that it was launching its own cryptocurrency. | Shares in photography firm Kodak more than doubled on Wednesday after the iconic photography company announced that it was launching its own cryptocurrency. |
The New York-based firm said the launch of KodakCoin, in collaboration with UK tech firm Digital, was part of an initiative to help photographers control their image rights. | |
It said that photographers can receive payment for licensing their work immediately in cryptocurrency form. | It said that photographers can receive payment for licensing their work immediately in cryptocurrency form. |
KodakCoin will use blockchain technology that settles transactions using computer algorithms, used by bitcoin and other virtual currencies. | |
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 chief executive Jan Denecke. | |
“Subject to the highest standards of compliance, KodakCoin is all about paying photographers fairly and giving them an opportunity to get in on the ground floor of a new economy tailored for them, with secure asset rights management built right in.” | |
Founded by film pioneer George Eastman in 1892, Kodak has struggled to compete since its emergence from bankruptcy in 2012. | Founded by film pioneer George Eastman in 1892, Kodak has struggled to compete since its emergence from bankruptcy in 2012. |
The US firm is still remembered for its push-button cameras from the 1980s and 1990s, before its fortunes dwindled with the rise of smartphones by the turn of the millennium. | The US firm is still remembered for its push-button cameras from the 1980s and 1990s, before its fortunes dwindled with the rise of smartphones by the turn of the millennium. |
Other tech firms, which initially jumped on the cryptocurrency bandwagon, have since turned their back on the concept. Microsoft, which had for a period been accepting payment from customers in bitcoin, has recently stopped doing so, citing the cryptocurrency’s volatility. | |
Nonetheless, interest in bitcoin-alternatives has helped values of digital tokens such as dogecoin, originally created as a joke, soar. That digital currency’s overall worth was over $1.5bn (£1.1bn) as of Tuesday. | |
Additional reporting by news wires | Additional reporting by news wires |
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