Kodak just announced that it will launch its own digital currency. When? Very soon, the firm will host an initial coin offering (ICO) at the end of January.
Kodak said the brand-new cryptocurrency would underpin “an encrypted, digital ledger of rights ownership for photographers.” Kodak is working together with a company called WENN Digital on the initiative.
Photographers will be able to use Kodak’s blockchain to register works, with “KODAK Coin” functioning as a medium of exchange on the platform. Users are going to receive payment in the cryptocurrency as well as pay for rights, said the company.
Kodak CEO, Jeff Clarke, said in a statement:
“For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who’ve long struggled to assert control over their work and how it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem. 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.”
“This initial Coin Offering is issued under SEC guidelines as a security token under Regulation 506 (c) as an exempt offering,” Kodak said.
As a result of this announcement, Kodak is enjoying an investor windfall. Shares for Kodak were up roughly 37% yesterday, according to Google data.Trade now
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