Kodak shares have greater than tripled since firm introduced its new cryptocurrency 'KodakCoin'

Buyers actually love Eastman Kodak’s makeover.

Sooner or later after the 130-year-old industrial firm introduced plans for its personal cryptocurrency, shares rose 57 %. On Tuesday, they greater than doubled.

KodakCoin will roll out after an preliminary coin providing later this month, Kodak stated Tuesday. Blockchain, the expertise underpinning in style digital currencies like bitcoin, goes for use to construct KodakOne, the corporate’s new picture rights and royalties monitoring product for digital photographers. KodakCoin would be the foreign money used on that platform.

Kodak shares had been round $three.13 earlier than the announcement was put out and closed on Wednesday at $10.70.

It’s one other step within the evolution of the light American model, as soon as synonymous with movie cartridges, paper and digital camera tools. Kodak entered chapter six years in the past and emerged with a brand new give attention to digital printing and packaging. However it nonetheless struggled to regain momentum.

Like many old-line firms it has embraced cryptocurrencies and blockchain to remake its picture, and time will inform whether or not that can stick.

Shares of Lengthy Blockchain Corp. doubled after the beverage firm modified its identify from Lengthy Island Iced Tea Corp. in December. The corporate had confronted a delisting warning in October by Nasdaq as a result of its market worth had fallen under $35 million. The biotech tools maker Bioptix received the same enhance when it modified its identify to Riot Blockchain final yr.