Investors have stated a large amount of interest in the new cryptocurrency put out by Kodak. The company Kodak is not known for its technological breakthroughs, but after a series of bankruptcies, the company is eager to find where it fits into the future. Kodak recently announced that they will be releasing an ICO or initial coin offering to the market on cryptocurrency. After Kodak announced the project, the stock went from trading at around $3 to over $10 in one day. This kind of gain is unprecedented in the stock market, but not in the world of cryptocurrency where coins can regularly shoot up by tens or even hundreds of percents.
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Unveiled at CES or the Consumer Electronics Show, the new tech by Kodak will be known as the KodakCoin. The company has stated that this coin will become the choice for the digital world online. The system will use blockchain technology, which for those who don’t know is essentially a ledger system where all the transactions are recorded on one public sheet. CEO of Kodak Jeff Clarke, stated that “engaging with a new platform, it is critical photographers know their work and their income is handled securely and with trust, which is exactly what we did with KodakCoin.”
The company, which currently stands at around 130 years old, emerged from a bankruptcy back in 2013. Revenues since have fallen every year, from $2.4 billion to under $1.5 billion according to consumer reports. Several large companies have chosen to get involved in the cryptocurrency world as of recently as they see a large amount of potential to be worked with. The hopes are high that these companies can continue to grow the space overall, adding new opportunities with every new move they make.