Kodak Shares Rocket 300% Following KODAKCoin Cryptocurrency Announcement, Site Launches With Errors

Kodak Shares Rocket 300% Following KODAKCoin Cryptocurrency Announcement, Site Launches With Errors

Yesterday came the announcement of Kodak’s latest venture, a Bitcoin-like camera currency KODAKCoin and accompanying image-licensing platform. It’s created much discussion about the future of the company, and when the markets opened today, their stock price had risen over 300 percent.

Before the announcement, Kodak’s shares had steadily decreased all the way down to approximately $3.10. But less than 24 hours later, the same shares earlier today sat at $13.27.

KODAKCoin will be the currency behind new blockchain technology service and platform, KODAKOne. What’s interesting, though, is that the currency is being created in partnership with WENN Digital. Back in 2012, Kodak filed for bankruptcy and, while recovering in 2013, began licensing its household brand name to third parties.

That’s exactly where WENN come in; they’re using the Kodak brand name to launch the platform, and the subsequent currency. Essentially, Kodak itself isn’t the driving force behind the new venture, although the company does get to reap the rewards of its steep stock price increases.

Not to mention, the rollout has been a little sloppy. When the KODAKCoin site launched yesterday, much of its text was filled with the generic lorem ipsum text that any website builder automatically provides. Staff photos were also lacking, instead filled with sample images. The fault may be the result of trying to rush-release the service in order to capitalize on the hype, since cryptocurrencies can rocket in value in a matter of days.

KODAKCoin launches January 31.

[via PetaPixel]

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1 Comment

Gabrielle Colton's picture

Wow that's surprising, not on the error end though lol