Eastman Kodak Company (NYSE: KODK) is having an overwhelmingly strong start to the trading session this morning, and for good reason. In a press release issued late yesterday, the company announced an entrance into the blockchain. Today, we’ll talk about the news, what we’re seeing from the stock, and what we’ll be watching for with regard to KODK ahead.
KODK Climbs On Blockchain News
As mentioned above, Eastman Kodak Company is having an overwhelmingly strong start to the trading session this morning after announcing an entrance into the blockchain with its own cryptocurrency. In the release, KODK announced the launch of the KODAKOne image rights management platform as well as KODAKCoin. These products are being launched through a partnership that KODK entered into with WENN Digital.
KODK said that, through the use of blockchain technology, the KODAKOne platform will create an encrypted, digital ledger focused on right of ownership for photographers to register both new and archived work. From there, this work can be licensed through the platform.
The KODAKOne platform will run on KODAKCoin, a cryptocurrency the company has created to assist photographers in receiving payment for their work immediately upon sale. Of course, KODK explained that these sales would take place securely through their blockchain platform. In a statement, Jeff Clarke, CEO at KODK, had the following to offer:
“For man 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.”
What We’re Seeing From The Stock As A Result
As investors, one of the first things that we learn is that the news moves the market. Recently, there have been few stories in the news that cause movement quite like what we see when a publicly-traded company mentions the blockchain. Just take a look at DPW, LFIN, OTIV, and INPX, and what happened when they announced an entrance into the blockchain. So, it’s no surprise that with Eastman Kodak Company announcing an entrance into the crypto-world themselves, we’re seeing strong gains in the value of the stock. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (8:39), KODK is trading at $11.25 per share after a gain of $4.45 per share (65.4%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on KODK. In particular, we’re interested in following the story surrounding the company’s entrance into the blockchain and excited to learn more about how this will help the photography community as a whole. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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