130-year-old Eastman Kodak joins cryptocurrency craze with ‘KodakCoin’; shares surge

Eastman Kodak is joining the cryptocraze.

The 130-year-old company said Tuesday it has used blockchain, the technology underpinning popular digital currencies such as bitcoin, to create a new platform for digital photography with its own digital currencycalled KodakCoin.

The site, called KodakOne is “a new economy” for photographers to license their work and receive payments, the company said.

Shares of Kodak more than doubled Tuesday, closing at $6.80. They were also trading 5.8 percent higher in the after-market.

Blockchain is a secured, online ledger of transactions that doesn’t need a third party to act as a go-between. It is an emerging area of intense interest for banks and other financial companies as well as technology developers, with potential uses in a range of financial transactions including securities settlement and payments.

Embracing the relatively new phenomenon of digital currencies and blockchain has become a sure-fire and controversial way for companies to remake their images — and boost their share prices. Shares of Long Blockchain Corp. doubled after the beverage company changed its name from Long Island Iced Tea Corp. in December…

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