ROCHESTER, N.Y. -- Eastman Kodak has announced that it will join the world of cryptocurrency. The announcement came Tuesday in a release stating that Kodak will join forces with WENN Digital and will become KodakOne.
"Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that," said Kodak CEO Jeff Clarke.
The two will work in unison to launch KodakOne and KodakCoin. The pair is launching an image rights management platform for photographers and a cryptocurrency aimed toward empowering photographers to take greater control of their image rights.
In a release, the company said KodakOne would "create an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can then license within the platform."
Chairman of Brighton Securities George Conboy doesn`t think the deal is as good as it sounds.
“History will prove whether this turned out to be a smart move. I wouldn’t be willing to wager my money that is going to be the salvation of the new Kodak,” said Conboy
The decision was a big hit on Wall Street as Kodak's stock went up by 100 points during the day.
“The jury is way out as to whether this will be successful and I`m a little skeptical, said Conboy. It certainly bears to watching whether they can make money on this new announcement."
KodakCoin cryptocurrency is now open to accredited investors worldwide. The initial coin offering will launch January 31.