Following in the footsteps of companies seeking to get in on the cryptocurrency craze, Eastman Kodak Co. is launching its own digital currency, Bloomberg reports.
The cryptocurrency, which the company is calling Kodakcoin, will be “a photocentric cryptocurrency to empower photographers and agencies to take greater control in image rights management.”
Following the news, Kodak’s shares jumped as much as 119 percent on Tuesday (Jan. 9) — up $3.70, to $6.80 per share, as of 4:22 p.m. in New York.
The company’s decision to launch its own cryptocurrency comes as investors seek just about any asset remotely associated with digital coins or the blockchain technology on which they are based.
Much like in the dotcom boom, when any company that tacked on a .com to the end of their name was sure to get a lift in their shares, companies in various industries — from apparel to beverages — have been generously rewarded with spikes in their stock prices after associating themselves with cryptocurrency.
Late last year, Long Island Iced Tea Corp. announced that it would change its name to Long Blockchain Corp. and focus its business on blockchain technology. Shortly thereafter, shares jumped 300 percent, Reuters reported.
While Long Island Iced Tea Corp. is looking at specific opportunities to grow its blockchain business, it won’t be exiting the beverage industry. The company still plans to maintain its beverage business, in which it sells Long Island Iced Tea and Long Island Lemonade.
Fast-casual restaurants have also launched their own cryptocurrencies. Hooters investor Chanticleer Holdings managed to boost its shares 41 percent after announcing plans to launch a blockchain-driven loyalty program.
Customers who dine at one of Chanticleer’s nine Hooters restaurants will receive crypto cash back in Mobivity Merit tokens produced in conjunction with Mobivity Holdings. Coins can be mined, saved, redeemed for future meals at any of Chanticleer’s brands or traded with other customers.