Kodak, a photography company launched its own cryptocurrency KodakCoin. This desperate step came in view of photography industry giant’s measures to enter the flourishing crypto industry. This decision skyrocketed the Kodak share price 3 folds.
Kodak’s Crypto Moment
Kodak’s unprecedented move into the cryptocurrency mining is to revive its decade-old image. In the world’s largest technology event, Samsung and Sony introduced the best of the industry technology. In response, Kodak’s blockchain based initiative to control the image rights will provide assistance to the photographers.
In a statement made by Kodak CEO, Jeff Clarke explained:
“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 also announced its plans to install a rig in the New York headquarters. The miners of Kodak will be leased to the consumers who will be basically expected to pay upfront for the mining capacity.
As per this move, KashMiner, a Kodak branded mining rig, is claimed to produce $375 worth of new bitcoins every month. This would, in turn, lead to the revenue of about $9000 over two years. The consumer would be required to give back half of his profits to the Kodak.
The Payback Time: Kodak’s Share Value Skyrockets
Kodak’s pivot into the cryptocurrency and blockchain technology in the form of “photo centric cryptocurrency”, KodakCoin, has resulted in more than tripled stock value.
Since the company has announced its plans to launch KodakCoin, that can be used a payment for photographs, the shares of the company has risen as high as 90 percent, giving it a valuation of about $565. This represents a gain of 321 percent or approximately $431.
But industry insiders are skeptical with Kodak’s approach. Typically, one has to pay a two year contract with the bitcoin miner of Kodak and make a profit. Subsequently, Kodak gets half of your produce.
The initial KodakCoin will be offered to the people on Jan 31.
Do you think KodakCoin has the potential to make it big in the cryptocurrency world?
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I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.