Global Blockchain sinks $2m into ‘Kodak Coin’
Smart Planet
Want to cash in on photography company Eastman Kodak’s cryptocurrency play? Get in line. Canadian company Global Blockchain Technologies Corp said on Wednesday that it had made a $2m investment in Kodak’s just-announced “Kodak Coin” cryptocurrency offering. The company said that it had subscribed for all 8m Kodak Coins available in the pre-initial coin offering (ICO) first stage. Shidan Gouran, president of Global Blockchain — which bills itself as an investment company exploring opportunities in the white-hot blockchain space — said in a statement: The KodakOne ICO is very compelling and fills the need for managing and monetizing digital assets globally. Given the size of the marketplace, the people involved and technology partnership, this has the opportunity to be a very large and active community. Our deep industry roots and relationships have allowed us access this new ICO in short order, one of the first involving a significant brand name issuer that is widely recognized by the public. Kodak shares skyrocketed on Tuesday after the company — which has struggled to keep afloat as consumers increasingly abandon traditional film and cameras for digital prints and smartphone snaps — announced it was offering its own blockchain-based technology to help manage image rights, as well as the Kodak Coin cryptocurrency, which can be used to pay for an image’s use. After more than doubling with an 119 per cent gain a day earlier, the surge is still going strong, with a 77 per cent gain on Wednesday. Global Blockchain, meanwhile, saw its Toronto-listed shares jump 25.6 per cent.