Shares of American technology company Kodak stock were up more than 100% in afternoon trading after the company announced a new cryptocurrency initiative. Kodak's stock price surged 135 percent to $7.32 in afternoon trading, Bloomberg reported.
Kodak said it will team with blockchain developer WENN Digital, to launch a cryptocurrency and image licensing tool that the companies say will help photographers and agencies manage image rights.
The KodakOne platform will let photographers register and license their work using an encrypted, digital ledger. Users will also be able to accept payment for their work using a new cryptocurrency called KodakCoin.
Rochester, New York-based Kodak was founded in 1880 and traces its roots to the early days of film-based photography. The new services will be launched via an initial coin offering (ICO), which many cryptocurrency startups are using to raise funds, on Jan. 31.