Kodak Enters Into The World Of Cryptocurrencies Causing Its Stock Price To Soar
The sudden wave of crypto is taking over the corporate world like a storm with more and more companies joining the bandwagon with every passing day. This unexpected trend of blockchain and cryptos spreading its wings across the business frontiers is surely worrying a certain sect of the population but is also gaining a massive fan following simultaneously. Such is the lure of the digital world that major giants such as Kodak are preparing to come up with an ICO to launch its very own cryptocurrency. Whether these ventures will survive the test of time or not is highly doubtful. But one thing is for certain and that is the sky-high ambition of these business magnets which are trying to reap in the massive profitability of bitcoins and other related cryptos as well as the underlying blockchain technology.
Kodak whose roots can be traced back to the very first days of film-based photography has been keeping a low profile for quite some time now. In spite of having a successful run over decades, it was on the verge of bankruptcy in 2013. Starting from that time, Kodak has turned a shy face to the paparazzi taking up much less headline grabbing stances. But Kodak jerked out of hibernation and took the whole world by storm when it recently announced the launch of its very own cryptocurrency – KodakCoin.
Critics have been questioning the sudden move of Kodak which has no prior experience in the field of cryptocurrencies. The company has sought out the collaboration of Wenn Media Group based out of London for proceeding in this brand-new venture. The company has not yet revealed much details about the cryptocurrency but it will be an Initial Coin Offering (ICO) taking shape sometime soon. The camera giant is keeping big hopes about its entrance into the world of cryptocurrency mining. A handful mining rigs of Bitcoin shall be installed by the company in its Rochester headquarters. This initiative has received the nomenclature of Kodak KashMiner and shall focus mainly on the promotion of Bitcoin and creation of further interest in the company shares.
Kodak wishes customers to rent Bitcoin mining power by making use of these units which is a pretty interesting decision in itself. By the look of things, the company shall operate with the help of cloud mining business. It is been rumored that Antminer’s S9 hardware is being purchased by the company which is thereafter slapping its own logo on top of the same. The future of this mining approach in the long run is questionable but the approach definitely deserves accolades. The reputed camera maker has understood that by associating themselves with cryptocurrencies, they can make their stock prices soar to record heights just like tonnes of other businesses which are walking in to crypto route. Just as expected, within minutes this news did manage to spread like wildfire hiking up the price of Kodak stocks by 60%.
The blockchain-powered rights management platform KodakOne shall function along with its exclusive token line KodakCoins. The platform is rumoured to create a digital ledger housing rights ownership which photographers can make use of for registering and licensing their art works.
The cryptocurrency as well as the platform shall, “empower photographers and agencies to take greater control in image rights management.”
Jan Denecke the chief executive of Wenn Digital pointed out that:
“It is critical photographers know their work and their income is handled securely and with trust, which is exactly what we did with KodakCoin. Subject to the highest standards of compliance, KodakCoin is all about paying photographers fairly and giving them an opportunity to get in on the ground floor of a new economy tailored for them, with secure asset rights management built right in.”
The new digital token wishes to create a level plying field for photographers who can now engage in transactions for selling their works of art in a secure fashion. Jeff Clarke, the CEO of Kodak revealed in a press statement that, “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.”
Kodak has stated that, “this initial Coin Offering is issued under SEC guidelines as a security token under Regulation 506 (c) as an exempt offering.” The token sale which is eyeing a 31st January date will be open for accredited investors spread across U.S. and Canada.
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